News Release - September 15, 2000
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
For more information and copies of the decision, contact:
Deputy Director, Enforcement
Saskatchewan Securities Commission
Phone: (306) 787-5850