ASC seeks to reciprocate bans against Tadeusz (Ted) Bytnar

CALGARY, May 25, 2011 /CNW/ - The Alberta Securities Commission (ASC) is seeking to reciprocate an order imposed by the Mutual Fund Dealers Association (MFDA) against Tadeusz (Ted) Bytnar.

On April 6, 2011, the MFDA ordered, among other things, that Bytnar be permanently banned from: trading in securities; using any Ontario securities law exemptions; and acting as a director or officer of any issuer or registrant.

The MFDA ruled that Bytnar engaged in securities-related business without the knowledge or approval of his employer and used his employer's facilities when selling, referring, or facilitating the sale of an investment product to four individuals.  The MFDA also found that Bytnar interfered with his employer's investigation into this matter by making false and misleading statements and failed to cooperate with an MFDA investigation.

The ASC seeks reciprocation of the MFDA orders to protect Alberta investors and the Alberta capital market.

It is anticipated that the ASC panel will consider this application in June 2011.

A copy of the Notice of Hearing 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 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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