CALGARY, June 28, 2012 /CNW/ - The Alberta Securities Commission (ASC)
has reciprocated permanent bans imposed by the Nova Scotia Securities
Commission (NSSC) on Quintin Earl Sponagle and Trevor Wayne Hill.
An ASC panel has permanently prohibited Sponagle and Hill from using
Alberta securities laws exemptions, acting as a director or officer of
any issuer, and acting as a registrant, investment fund manager or
In a 2011 decision, an NSSC panel found that Sponagle and Hill illegally
traded in and distributed securities of Panamanian company Jabez
Financial Services Inc., and in so doing engaged in unfair practices.
The NSSC panel ruled: "The scheme perpetrated by Mr. Sponagle and Mr.
Hill was a deceptive and dishonest ruse, designed to extract money from
trusting and unsuspecting Canadian investors. It was in the nature of
a 'ponzi scheme'."
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
SOURCE Alberta Securities Commission
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