CALGARY, April 22, 2014 /CNW/ - The Alberta Securities Commission (ASC) has reciprocated bans the British Columbia Securities Commission (BCSC) imposed against Frederick Lawrence Marlatt (a.k.a. Frederick Lawrence Mitschele) and Michael Wallace Minor.
An ASC panel ordered that for five years from July 18, 2013 and with limited exceptions:
- Mitschele and Minor be banned from acting as directors or officers (or both) of any issuer;
- Mitschele and Minor cease trading in securities or exchange contracts, except through a personal account with a registrant who has first been given a copy of the BCSC and ASC decisions;
- Mitschele and Minor be prohibited from acting in a management or consultative capacity in connection with activities in the securities market; and
- Mitschele and Minor be prohibited from disseminating to the public any oral or written communications, by or on behalf of any issuer, that promote or reasonably could be expected to promote the purchase or sale of securities of such issuer.
In July 2013, the BCSC sanctioned Mitschele and Minor for contravening securities laws in connection with sales of Photo Violation Technologies Corp. (PVT) securities without registration or a prospectus. PVT had raised over $3.5 million from 272 investors, including Albertans.
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
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