ASC Bans Ontario Residents For Illegal Sales Of Limelight Securities

    CALGARY, Dec. 17 /CNW/ - The Alberta Securities Commission (ASC) has
ordered market bans and administrative penalties against Ontario residents,
Carlos Da Silva and David Campbell, for their role in illegally raising
$817,000 from the sales of Limelight Entertainment securities to more than 249
Alberta investors. The ASC panel banned Da Silva and Campbell from trading in
the Alberta capital market, using Alberta securities laws exemptions or acting
as a director or officer of any issuer for 10 years and eight years
respectively. The panel also ordered Da Silva and Campbell to pay
administrative penalties of $100,000 and $75,000 respectively.
    The ASC panel found that between January 2004 and January 2006, Da Silva,
president and principal guiding mind of Limelight, Campbell, vice-president
and treasurer of Limelight, and Limelight salespersons "deprived Alberta
investors of protections key to the securities regulatory regime" in their
sales efforts of Limelight securities and that this was "serious misconduct."
As stated by the panel, "it appears that all funds invested in Limelight have
been lost and that investors have been left with worthless, illiquid
    The ASC panel found Limelight salesperson Hank Ulfan's actions of taking
an investor's funds that he had agreed to invest in Limelight and converting
them into another investment a "particularly egregious act of illegal trading
and distributing of securities." The panel banned Ulfan from trading, using
exemptions or acting as a director or officer of any issuer for seven years,
and ordered him to pay an administrative penalty of $50,000.
    The ASC panel also ordered Limelight salespersons Jacob Moore, Ove
Simonsen and Eric O'Brien to each pay a $10,000 administrative penalty and
cease trading or using securities exemptions for five years. Other Limelight
salespeople, Tim McCarty and Rick Clynes, were each ordered to pay $5,000 in
administrative penalties and cease trading or using exemptions for three
years. The panel also prohibited the trade of Limelight securities until a
prospectus is filed with the ASC. Da Silva, Campbell and the salespeople must
also pay a total of $45,000 in costs.
    A copy of the first and second part of this decision is posted to the ASC
website at

    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: Tamera Van Brunt,
Director, Communications & Investor Education, (403) 297-2664,; For Investor Inquiries: ASC Public Inquiries, Toll Free

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