News Release
November 7, 2000
Miscellaneous - 724
DARCY BERGEN SENTENCED
The Saskatchewan Securities Commission has ordered former Regina mutual fund salesperson Darcy Bergen cease trading for ten years and pay an administrative penalty of $50,000 and costs of $5,049.75. The commission held a four-day hearing in June and July to determine if Bergen breached the trust of his clients when he advised them to make certain investments. It was also alleged Bergen broke the rules of the securities act. On September 14th, the Securities Commission issued its findings. 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 Bergen "is not demonstrating the knowledge and attitudes necessary for fulfilment of his duties as a registrant and to the public." In addition to not being allowed to trade in securities for 10 years, the exemptions that are contained in the Securities Act which Bergen relied upon to sell investments in Marina Shores Las Vegas Limited Partnership, Barclay Las Vegas Limited Partnership, Platinum Companies and Foundation Financial Corporation, are also not available to him for 10 years. Bergen also may not be a director or officer of or be employed by any company that issues or sells securities. -30- For more information or copies of the decision, contact: Vic Pankratz Deputy Director, Enforcement Saskatchewan Securities Commission Regina Phone: (306) 787-5850