James Oagles, Jeannie Tracy, Ronald Fulton and their company, Wealth Pools International LLC were named in the settlement.
James Oagles agreed to pay an administrative penalty of $10,000 and $2,500 toward the costs of the commission's investigation. Tracey agreed to pay an administrative penalty of $2,000 and $500 for costs. Fulton agreed he would have been subject to a penalty of $2,000 had he not been bankrupt. The three individuals acknowledged their actions caused financial losses to the people they recruited into the scheme and they agreed to be permanently banned from trading in securities in New Brunswick.
The commission concluded the three did not intend to defraud their victims but they were involved in illegal activity and ignorance of the law was not an excuse. More than 109 New Brunswick residents had invested more than $440,000 in Wealth Pools.
The securities commission urges New Brunswickers who believe they are being solicited with questionable investment schemes to visit their website at www.nbsc-cvmnb.ca.
