CALGARY, Jan. 13 /CNW/ - The Alberta Securities Commission (ASC) is seeking orders against Wayne Paul Larson as a result of a decision issued by the Mutual Fund Dealers Association of Canada (MFDA) on October 14, 2009.
In its decision, the MFDA states that Larson facilitated approximately $1.76 million in investments that were not carried out in accordance with MFDA rules and by-laws. The MFDA found that Larson committed misconduct involving unauthorized transactions, forgery and directing or permitting clients to direct redemption proceeds through accounts held by Larson or under Larson's control. As a result of his conduct, the MFDA imposed financial penalties and permanently prohibited Larson from conducting securities-related business in any capacity.
Based on the MFDA decision, ASC staff allege that it is in the public interest to seek orders permanently banning Larson from trading, using Alberta securities laws exemptions and acting as an officer or director of any issuer.
It is anticipated that an ASC panel will consider this matter in February 2010.
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 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