ASC issues public interest order against Jeffrey Brian Ber in response to criminal conviction

CALGARY, AB, Dec. 19, 2025 /CNW/ - The Alberta Securities Commission (ASC) has banned Jeffrey Brian Ber from participating in Alberta's capital market in certain capacities after a criminal court found that he committed fraud and corruption.

In September 2024, the Alberta Court of King's Bench found Ber guilty under the Criminal Code of two counts of fraud over $5,000 and one count of corruptly accepting a $104,568.75 secret commission from Blackbird Energy Inc. (Blackbird). In January 2025, he was sentenced to seven years in jail and ordered to disclose his convictions before accepting any employment or volunteer position that involves having authority over the money, personal property, or valuable security of another person for 10 years.

According to the conviction decision, in March 2017, Ber was employed as a registered investment advisor with a Canadian bank when he allocated approximately $6 million worth of Blackbird's shares for his clients' investment accounts. At that time, Blackbird was conducting a prospectus offering for proceeds of up to $80 million, and it was known that Ber had a previous friendship with the company's Vice-President, Business Development.

The conviction decision notes that Ber did not disclose the pre-existing relationship with Blackbird to his clients, or that he would receive a commission if they purchased its shares. Also, the investment was considered high-risk, putting many of the clients' accounts offside their designated risk tolerances. Some of his clients were retired senior citizens ranging in age from 72 to 94 at the time of the trial. The court also found that Ber created or was involved in creating falsified know-your-client (KYC) forms for clients that altered their risk tolerances without their knowledge or permission.

When considering the matter under the Securities Act (Alberta), an ASC panel noted that "while this case does not involve a scam such as a Ponzi scheme, there is an element that adds to its seriousness: the fact that Ber was a registrant when the events at issue occurred." The panel went on to say that Ber's misconduct was serious and that "he abused his position of trust by taking advantage of his clients for his own personal gain, including clients who were elderly, on fixed incomes or pensions."

On December 17, 2025, an ASC panel ordered in the public interest that Ber:

• Subject to certain limited exceptions, must immediately resign from all positions he holds as a director or officer of any issuer, registrant, investment fund manager, recognized exchange, recognized self-regulatory organization, recognized clearing agency, recognized trade repository, designated rating organization or designated benchmark administrator.

For a period of 10 years from the date of the decision, he must cease trading in or purchasing any securities or derivatives (subject to certain limited exceptions), and all exemptions contained in Alberta securities laws do not apply to him. He is also prohibited for a period of 10 years from:

• Registration in any capacity under Alberta securities laws.
• Engaging in investor relations activities, advising in securities or derivatives, becoming or acting as a registrant, investment fund manager or promoter, and acting in a management or consultative capacity in connection with activities in the securities market.

A copy of the decision is available on the ASC website at asc.ca.

The ASC is the regulatory agency responsible for administering the province's securities laws. It is entrusted with fostering a fair and efficient capital market in Alberta and with protecting 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 media inquiries: Gabrielle Chamiço, Advisor, Communications, [email protected]; For investor inquiries: ASC Public Inquiries, Toll Free: 1-877-355-4488, [email protected]