BCSC suspends registration of Richmond dealer firm

VANCOUVER, BC, July 24, 2024 /CNW/ – The B.C. Securities Commission (BCSC) has suspended the registration of an exempt market dealer firm for failing to comply with various regulatory requirements.

Genesis Wealth Management Corporation (Genesis), located in Richmond, primarily distributes the securities of a related-party fund, Manna Industrial Property (Value-Add) Limited Partnership (Manna). Manna’s stated business objectives are to provide investors with income and capital growth by acquiring commercial real estate, renovating it, renting it, and ultimately selling the properties, using the proceeds to acquire other properties.

The BCSC imposed various conditions on Genesis’s registration in February after a compliance review revealed significant deficiencies. Genesis failed to meet all of the conditions.

In addition, Genesis is deficient in filing its 2023 Annual Financial Statements with the BCSC.

The suspension is indefinite.

About the B.C. Securities Commission (www.bcsc.bc.ca)

The B.C. Securities Commission, an independent provincial government agency, strives to make the investment market benefit the public. We set rules, monitor compliance by industry, take action against misconduct, and provide guidance to investors and industry. As guardians of B.C.’s investment market, we’re committed to maintaining a market that is honest, fair, competitive and dynamic, enabling British Columbians to thrive.

Learn how to protect yourself and become a more informed investor at www.investright.org

SOURCE British Columbia Securities Commission