Cook, a former sub-mortgage broker, and CBM are alleged to have failed to issue a formal prospectus for the issuance of six promissory notes in 2007 and 2012. The allegations have not been proven.
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CMB Canada’s Best Mortgage Corporation has been accused of selling securities in breach of prospectus requirements. The former federal corporation and its president and sole director Lance Sanford Cook have been issued with a hearing notice by The Executive Director of the British Columbia Securities Commission.