Wednesday June 10, 2015 www.saobserver.net $1.25 GST Included
It’s a scream Johnny Lane, left, and dad John have a blast on the go-kart track at Salmon Arm Go-Karts & Mini-Golf. The go-kart track will be open until the long weekend in September.
evaN Buhler/OBSeRVeR
Commission censures Sasseville
Sturgis North: Former motorcycle rally promoter faces sanctions for investment violations. By Martha Wickett OBSeRVeR STAFF
Ray Sasseville, who headed the 2011 Sturgis north motorcycle rally and music festival in Salmon Arm, is in trouble with the Bc Securities commission. The commission issued a news release June 4 announcing that Raymond Michael Roger Sasseville, edith Marie Sasseville and Richard Keller illegally distributed securities of a company named Wireless Wizard Technologies Inc. (WWTI) in 2007 and 2008. A commission panel found that WWTI and Keller distributed a convertible debenture to an investor (known as ‘Investor A’) for total proceeds of $10,000 “without being registered, without a prospectus, and for which no exemptions were available.” The panel also found that WWTI, Ray
Sasseville and Keller illegally distributed securities by distributing a convertible debenture to an investor (known as ‘Investor B’) for total proceeds of uS$47,500. edith and Ray Sasseville were also found to have breached securities law by authorizing, permitting and acquiescing in the distribution of the WWTI convertible debentures to Investor A and Investor B. All three defendants are B.c. residents, and none have ever been registered to sell securities under the Securities Act. WWTI’s purported business was to develop and market a global positioning system (GPS) for motorcycles, and a wireless technology for conducting sales via text message. The company has never filed a prospectus in B.c. Although the panel considered other allegations prior to dec. 18, 2007, it found
This week Hundreds of students brave the rain to compete in the district track and field meet. See A20. The Relay for Life goes Saturday with a host of superheroes set to attend. Read more on A22.
them “to be outside of the allowable limitation period under the Securities Act.” The act states that proceedings can’t begin more than six years after the date of the events. The original allegations included the period from May 2007 to January 2008, and involved eight investors and a total of $162,500. The parties involved will make submissions to the Bc Securities commission regarding sanctions on June 26 and July 10. A decision will be made sometime after July 17. Sanctions generally take the form of a monetary penalty or a ban from trading or being involved in securities markets in B.c. In 2003, Ray Sasseville also faced allegations of illegal distribution of securities, See Sturgis North on page A2
oBServer fIle photo
Decision: Ray Sasseville, former head of Sturgis North, is pictured in Salmon Arm council chambers.
Index Opinion ....................... A6 View Point .................. A7 Life & Times ............... A8 Time Out....................A10 Sports................A19-A21 Arts & Events ... A22-A24 Vol. 108, No. 23, 48 pages