CALGARY, June 25, 2012 /CNW/ - The Alberta Securities Commission (ASC) has reciprocated sanctions imposed by the British Columbia Securities Commission (BCSC) on Robert Lee Flickinger II (a.k.a. Robert Reynolds), Northern Pipeline Resources Ltd., Lavaca III Limited Partnership, Gulf Coast Basin Limited Partnership, Gulf Coast Basin Operating Ltd. and Ridgeline Energy, Ltd.
An ASC panel has permanently banned the named parties from trading in or purchasing securities or exchange contracts. In addition, the named parties are permanently prohibited from disseminating to the public any oral or written communications, by or on behalf of any issuer, that promote the purchase or sale of securities. The ASC panel has also permanently banned Flickinger from: becoming or acting as a director or officer of any issuer, registrant or investment fund manager; 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.
In an October 18, 2011 decision, a BCSC panel found that a fraud had been perpetrated when proceeds from sales of Lavaca III Limited Partnership and Gulf Coast Basin Limited Partnership securities by Flickinger and the other named parties (organized and controlled by Flickinger) were not used for the stated purpose of acquiring and operating oil and gas properties. Instead, the proceeds were diverted by Flickinger to personal and corporate accounts he controlled, and used to pay distributions to Lavaca III Limited Partnership, Gulf Coast Basin Limited Partnership investors. This capital market misconduct involved more than 200 investors, approximately 98 of them from Alberta.
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 markets.
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