CALGARY, March 14 /CNW/ - The Alberta Securities Commission (ASC) has
imposed a 10-year market ban on Pat Cochrane of Sherwood Park, Alberta for
illegal trades and distributions of Innovative Energy Solutions, Inc.
securities. The 10-year ban also denies Cochrane the use of exemptions under
Alberta securities laws and prohibits him from acting as an officer or
director of any issuer. An ASC panel also ordered Cochrane to resign all
positions he holds as a director or officer of any issuer and pay a
$60,000 administrative penalty and $50,000 in costs.
The ASC panel found that Cochrane acted contrary to the public interest
when he attempted to give existing and prospective investors the impression
that Innovative shares would soon be trading on a U.S. exchange. During the
ASC hearing, Cochrane admitted Innovative raised over $1.1 million from
89 Alberta residents.
In its decision, the ASC panel stated this case "demands a significant
and effective measure of general deterrence" and that "we must send a message,
to others who might otherwise be tempted to follow in Cochrane's and
(Innovative's) footsteps, that a repetition of the misconduct....would be
unacceptable and would be met with serious consequences." The panel also noted
that Innovative is in bankruptcy proceedings in the U.S. and that "it is clear
that Alberta investors did not get what they expected from their investment
and face the prospect of financial loss."
This marks the second time Mr. Cochrane has been before the ASC. In
October of 2005, he entered into a settlement agreement with the ASC in which
he admitted to making similar representations and trading in securities
without being registered.
A copy of this decision in its entirety is posted 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, email@example.com; For Investor
Inquiries: ASC Public Inquiries, Toll Free 1-877-355-4488