A 60-year-old man pleaded guilty in North Vancouver Provincial Court for breaching an order barring him from acting as an officer or director of a securities-issuing company, the B.C. Securities Commission announced Wednesday, May 6.

Marcel Anil Rada admitted in court April 24 he violated the BCSC order between 2017 and 2025.

Rada’s misconduct is considered a “quasi-criminal” offence under the B.C. Securities Act, not the Criminal Code of Canada, although it carries the possibility of fines, imprisonment, probation and/or restitution orders, noted the commission.

Rada’s sentencing is scheduled for July 15.

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.

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