CALGARY, April 13 /CNW/ - The Alberta Court of Appeal has upheld Alberta
Securities Commission (ASC) decisions against J. Gordon Ironside and Robert W.
Ruff in relation to their misconduct as CEO and CFO, respectively, of the
former Blue Range Resource Corporation. The Court of Appeal affirmed the ASC's
December 21, 2006 findings that Ironside and Ruff failed to make fair,
accurate public disclosure of material information regarding Blue Range.
The Court of Appeal also upheld the ASC's November 7, 2007 sanction
against Ironside and Ruff as reasonable. In its ruling, the Court of Appeal
stated that "the harm done to the integrity and credibility of the Alberta
securities marketplace by the appellant's actions is self-evident and
Under the ASC sanctions, Ironside was permanently banned from acting as a
director or officer of any issuer and permanently denied the use of exemptions
under Alberta securities law. Ironside was also ordered to pay an
administrative penalty of $180,000. Ruff was barred from acting as a director
or officer of any issuer for 10 years and ordered to pay an administrative
penalty of $50,000. The two men were also ordered to pay a total of $850,000
for ASC investigation and hearing costs.
"We are very pleased with the decision of the Alberta Court of Appeal and
with the support it provides for both the purpose and the process of the ASC's
adjudicative function," says ASC Chair Bill Rice.
A copy of the Alberta Court of Appeal decision and the ASC Merits and
Sanction decisions can be found on the ASC website at
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.
For further information:
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