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