In a settlement agreement with the provincial regulator, Chartwell acknowledged that the information it had about Health Capital was not sufficient to support the calculation of the fund’s value. Chartwell also acknowledged that despite several indicators of risk, it did not reevaluate the fund’s valuation.
Also parties to the agreement were Gregory Paul James Cameron, the company’s former chairman, CEO and one of its directors; Wah Bo Chew, a former director and advisory representative at the company; and Matthew Cameron, its vice president and chief compliance officer, who was also an advisory representative at the firm.
All three admitted that they authorized, permitted or acknowledged Chartwell’s violations, so the former firm violated the same provisions.
Because of the misconduct, the BCSC stated that Gregory Cameron is required to pay $100,000, and is prohibited from being a director or officer of any reporting issuer or registrant for 15 years.
Chew must pay $70,000, and is banned from being a director or officer of any reporting issuer or registrant for 10 years. Matthew Cameron must pay $40,000, and faces a four-year ban from becoming or serving as chief compliance officer.
