The B.C. Securities Commission has announced criminal charges have been laid against a B.C. man who allegedly worked for a securities-issuing company despite being permanently banned from doing so.
The regulator stated in a June 18 news release Marcel Anil Rada has been charged with two counts of breaching an order of the commission. It’s alleged the 59-year-old acted as a company director or officer between 2017 and 2025.
But in 2011, Rada was sanctioned by the Investment Industry Regulatory Organization of Canada (IIROC) after soliciting $205,000 in funds from investors only to keep more than $175,000 for his own personal expenses without disclosing so, according to the BCSC’s October 2017 order that set out sweeping and permanent industry bans.
While Rada ultimately admitted to the misconduct as well as facilitating off-book transactions without the knowledge and consent of his employer, he refused to produce bank records and attend an interview with IIROC staff when asked.
“The underlying, admitted conduct that led to the settlement agreement was serious. It falls far below the standard expected of those who seek to participate in the securities industry, which relies on the integrity of registrants and their compliance with industry rules to safeguard the investing public,” a commission panel ruled at the time.
Rada was supposed to resign any position he held as a director or officer of any issuer or registrant.
The commission’s allegation that he did not do so remains unproven in court. Rada was scheduled to make his first appearance July 16 in North Vancouver Provincial Court.
If proven guilty of the charges Rada could face prison as a means of punishment.
