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An Ontario investment firm is the latest out-of province player to be fined by the BCSC for conducting business in British Columbia without being properly registered.

Cluster Asset Management, which is registered to sell securities in Ontario, and its president, Peter Michael de Auer, admitted in a settlement agreement with the BCSC that the firm provided investment advice to two B.C.-based clients without registration under the Securities Act from Jul. 2003 to Apr. 2008.

Cluster and Michael de Auer agreed to pay a $10,000 fine. This is in addition to paying $8,750 for registration fees that would have been payable to the BCSC if the firm had been registered in the first place.