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 promoter.
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'."
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.
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