The British Columbia Securities Commission (BCSC) announced Sept. 12 that it has reached a settlement agreement with a Richmond man who admitted to illegally selling shares of his company.

John Cockburn was the sole officer and director of Smart Trak Technologies Inc., which at the time of the misconduct, was involved in developing a security device that tracked cargo using GPS.

“Smart Trak sold shares to 83 investors, raising $866,000, without a prospectus, a formal document that explains the details of an investment and the risks involved. None of the investors qualified for an exemption from the prospectus requirements under the Securities Act,” says the BCSC.

The BCSC issued a cease trade order against Smart Trak in 2017 for failing to file reports of the stock sales to the BCSC.

As part of the settlement, Cockburn agreed to pay $20,000 to the BCSC. He is also prohibited for four years from: trading in or purchasing securities or exchange contracts (with some limited exceptions); being a director or officer of any issuer or registrant; being or acting as a registrant or promoter; acting in a management or consultative capacity in connection with the securities market; and engaging in investor relations activities.