ASC reciprocates bans against FactorCorp, FactorCorp Financial and Mark Twerdun

CALGARY, April 28, 2014 /CNW/ - The Alberta Securities Commission (ASC) has reciprocated certain sanctions the Ontario Securities Commission (OSC) imposed against FactorCorp Inc., FactorCorp Financial Inc. and Mark Twerdun

An ASC panel ordered that:

  • FactorCorp, FactorCorp Financial and Twerdun must, for 10 years from the date of the OSC order, cease trading in securities and are banned from using all exemptions under Alberta securities laws;
  • Twerdun would have a limited exception to the trading ban, but only after the monetary sanctions imposed against him by the OSC are paid in full; and
  • Twerdun be permanently prohibited from becoming or acting as a director or officer (or both) of any issuer.

In a February 22, 2013 decision, the OSC found that Ontario securities laws were contravened when: FactorCorp Financial failed to file offering memoranda with the OSC; FactorCorp Financial and FactorCorp made materially misleading or untrue statements in offering memoranda and promotional materials; FactorCorp Financial and Twerdun breached a temporary OSC cease-trade order; Twerdun authorized, permitted or acquiesced in FactorCorp Financial's and FactorCorp's contraventions; and FactorCorp Financial and Twerdun improperly used the accredited investor exemption.

A copy of the decision is available on the ASC website at www.albertasecurities.com.

The ASC is the regulatory agency responsible for administering the province's securities laws. It is entrusted with fostering a fair and efficient capital market in Alberta and with protecting investors.  As a member of the Canadian Securities Administrators, the ASC works to improve, coordinate and harmonize the regulation of Canada's capital markets.


SOURCE Alberta Securities Commission

For further information:

For Media Inquiries: Mark Dickey
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403-297-4481

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