News Release
September 15, 2000
Miscellaneous - 559
SECURITIES COMMISSION RELEASES BERGEN DECISION
On September 14th, the Saskatchewan Securities Commission issued its decision from a four day hearing in June and July concerning Darcy Bergen, a Regina mutual fund salesperson. The hearing was to determine whether Bergen breached the trust of his clients when he advised them to invest in certain limited partnership investments, referred them to Kent Owens for the purchase and received a commission from Owens. It was also alleged Bergen broke the rules of the securities act. During the hearing, the commission heard evidence from investors about how they came to rely on Bergen's advice, invested in Marina Shores Las Vegas Limited Partnership, Barclay Las Vegas Limited Partnership, Platinum Companies and Foundation Financial Corporation, and then lost their investments. In its decision, the commission said "where there is conflict between the evidence of Mr. Bergen and that of his customers, we accept the evidence of the customers". The Commission went on to say "we think Bergen's fundamental problem is that he still doesn't understand that a registrant cannot absolve himself for responsibility for his conduct because he relies on others". It found that Bergen "is not demonstrating the knowledge and attitudes necessary for fulfilment of his duties as a registrant and to the public". On October 11th, at 9:00 am, the commission will hear arguments from commission staff and from Bergen's lawyers as to the sanctions that it should impose against Bergen. -30- For more information and copies of the decision, contact: Vic Pankratz Deputy Director, Enforcement Saskatchewan Securities Commission Regina Phone: (306) 787-5850