CALGARY, March 23 /CNW/ - The Alberta Securities Commission (ASC) has reciprocated a British Columbia Securities Commission (BCSC) order and permanently banned B.C. resident Kerry John O'Neill from: trading in securities; acting as a director or officer of any issuer, registrant or investment fund manager; acting in a management or consultative capacity in connection with securities market activities; and disseminating to the public any communications that promote the purchase or sale of securities of any issuer.
In a September 2009 BCSC settlement agreement, O'Neill acknowledged that, as the principal of an investment scheme called the Pay It Forward Program, he raised more than $9.6 million from investors. O'Neill admitted he committed securities fraud against investors by using approximately $6.4 million of the money raised to pay other investors, $213,000 for other investment opportunities and $56,000 for his personal expenses. ASC staff presented evidence to an ASC panel that Albertans were among those who invested in the Pay It Forward Program. The panel was persuaded that "protection of Alberta investors and the Alberta capital market warrants orders reciprocating those made in the BCSC Order."
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 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 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