ASC orders 20-year trading ban for Edmonton salesperson Patricia Marcotte

CALGARY, May 26, 2011 /CNW/ - The Alberta Securities Commission (ASC) has banned Edmonton-based salesperson Patricia Frances Marcotte (nee Roque), from trading in securities and using Alberta securities laws exemptions for 20 years. The ASC panel also ordered Marcotte to pay an administrative penalty of $75,000 and costs of $17,000.

In an earlier merits decision, the ASC panel ruled that Marcotte illegally traded in and distributed securities when she sold undivided interests in land on behalf of Trident Properties Ltd. The ASC panel also found that Marcotte made prohibited and misleading and untrue statements to prospective investors - such as that investors would double their investments within months of their purchase.

In its sanction decision, the ASC ruled that Marcotte's conduct merited sanction even though Trident's executive officer - Vimal Iyer - at first misled her about the development and sale of Trident lands. The ASC panel stated: "Marcotte's illegal selling (as noted) deprived investors of core protections under the Act. This was aggravated by her prohibited representations to investors. We noted that she began as Iyer's dupe, but we found that she carried on enticing investors with misleading or untrue representations even after she ought, in all the circumstances, to have known that to be the case. Her misconduct was serious."

A copy of the decision can be found 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 to foster a fair and efficient capital market in Alberta and to protect 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
      Senior Communications Advisor
      403.297.4481
       
For Investor Inquiries:      ASC Public Inquiries
      Toll Free 1.877.355.4488


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