CALGARY, Dec. 6 /CNW/ - An Alberta Provincial Court judge has sentenced
Edmonton businessman and former lawyer Orest Rusnak to 12 months in jail for
promoting the sale of Banacheck Film Projects Inc. securities to an Edmonton
woman. The sentence was handed down after Rusnak pled guilty to trading in
securities in breach of a March 31, 2000 Alberta Securities Commission (ASC)
order that prohibited him from trading for 20 years.
During sentencing, Provincial Court Judge H.R. Chisholm called Rusnak a
"financial predator" and dismissed claims by Rusnak that he was remorseful and
that his actions were the result of bad legal advice. Judge Chisholm also
imposed a lifetime ban against Rusnak that prohibits him from trading
securities, seeking or using Alberta Securities Act exemptions and acting as a
director or officer of any issuer.
Judge Chisholm also sentenced Rusnak for convictions on nine counts of
breaching the same ASC order. On November 16, 2007, the Judge had ruled that
Rusnak had become or acted as a director of Academy Financial Inc.; Silverado
Manufacturing Limited; Super Continental Train Company Inc.; Legal Structures
Inc.; Radway Economic Development Corporation; Showcase Tour Company; Talisman
Financial Investments Inc.; Zurich Ventures Inc.; and Equinox Movie
Productions Inc. Rusnak was fined $1,500 per count for failing to comply with
a 20-year ban on becoming or acting as a director of any issuer.
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, firstname.lastname@example.org; For Investor
Inquiries: ASC Public Inquiries, Toll Free 1-877-355-4488