ASC Sanctions Edmonton Businessmen For Illegal Trades



    CALGARY, Jan. 30 /CNW/ - The Alberta Securities Commission (ASC) has
ordered payment of administrative penalties and costs, along with market bans,
against Edmonton-area residents Richard George Kearl, Ross Vincent Bayne, and
Wyatt Gordon McNabb for their roles in the illegal distributions of shares of
Genoray Advanced Technologies Ltd., American Technology Exploration
Corporation and Blue Lagoon Ventures, Inc. A fourth individual, Douglas Andrew
Nesbitt, received market bans and a costs order for his role in the illegal
activity. The illegal trades raised almost $4 million from over 200 Alberta
investors in 2001 and 2002.
    The ASC panel ruled that Kearl cannot trade or purchase securities, rely
on Alberta securities laws exemptions or act as a director or officer of any
issuer for 15 years (with exceptions). The panel also ruled that he must pay
an administrative penalty of $125,000 and costs of $30,000, stating "we
perceive him (Kearl) to be a danger to Alberta investors and a threat to
investor confidence in our capital market if we do not intervene with
protective orders."
    Among the panel's other orders:

    
      -  Bayne cannot trade or purchase securities or rely on exemptions for
         three years (with exceptions), and must pay an administrative
         penalty of $8,000 and costs of $3,000;

      -  McNabb cannot trade or purchase securities or rely on exemptions for
         five years (with exceptions for personal trading) and must pay an
         administrative penalty of $75,000 and costs of $8,000;

      -  Nesbitt must resign all positions he currently holds as a director
         or officer of any issuer and cannot act as a director or officer of
         any issuer for 10 years (with exceptions) and must pay $10,000 in
         costs; and

      -  all trading in or purchasing of Genoray securities is banned and
         Genoray cannot use any exemptions until the company has received a
         receipt for a filed prospectus.
    

    In its decision, the panel concluded, "those who engage in illegal trades
and make misrepresentations in order to effect sales of securities will not be
allowed to profit from their illegal activity."
    A copy of this 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.





For further information:

For further information: For Media Inquiries: Mark Dickey, Senior
Communications Advisor, (403) 297-4481; For Investor Inquiries: ASC Public
Inquiries, (403) 297-4296, Toll Free 1-877-355-4488


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890