Canadian Boiler Room Operator Receives $25,000 Fine

The British Columbia Securities Commission has prohibited Jack Weatherell from trading securities, from being a director or officer of any company, and from engaging in investor relations for 12 years as well as levied a $25,000 administrative penalty for operating a boiler room urging people to buy shares of junior companies.

The commission also found that he acted as an advisor and distributed securities without being registered and without a prospectus.

Weatherell set up the boiler room operation, under the name Tech Investments Inc., in 1998. A boiler room operation uses high-pressure sales tactics over the phone and by direct mail.