Ray Sasseville, who headed the 2011 Sturgis North motorcycle rally and music festival in Salmon Arm, and the 2012 event in Spallumcheen, is in trouble with the B.C. Securities Commission.
The commission issued a news release June 4 announcing that Raymond Michael Roger Sasseville, Edith Marie Sasseville and Richard Keller illegally distributed securities of a company named Wireless Wizard Technologies Inc. (WWTI) in 2007 and 2008.
A commission panel found that WWTI and Keller distributed a convertible debenture to an investor (known as “Investor A”) for total proceeds of $10,000 without being registered, without a prospectus, and for which no exemptions were available.
The panel also found that WWTI, Ray Sasseville and Keller illegally distributed securities by distributing a WWTI convertible debenture to an investor (known as “Investor B”) for total proceeds of US$47,500.
Edith and Ray Sasseville were also found to have breached securities law by authorizing, permitting and acquiescing in the distributions of the WWTI convertible debentures to Investor A and Investor B.
All three are B.C. residents, and none have ever been registered to sell securities under the Securities Act. WWTI’s business was to develop and market a global positioning system (GPS) for motorcycles, and a wireless technology for conducting sales via text message. The company has never filed a prospectus in B.C.
Although the panel considered other allegations prior to Dec. 18, 2007, it found them “to be outside of the allowable limitation period under the Securities Act.” The original allegations included the period from May 2007 to January 2008, and involved eight investors and a total of $162,500.
The parties involved will make submissions to the BC Securities Commission regarding sanctions on June 26 and July 10. A decision on sanctions will be made sometime after July 17. Sanctions generally take the form of a monetary penalty or a ban from trading or being involved in securities markets in B.C.
In 2003, Ray Sasseville also faced allegations of illegal distribution, but involving a different issuer. At that time, he admitted he illegally distributed securities valued at approximately $755,000 to 75 investors, stated a securities commission document. He was ordered to pay $10,000 and prohibited from acting as a director and officer, or from engaging in investor relations activities on behalf of any issuer for a minimum of three years.