CALGARY, March 14, 2017 /CNW/ - The Alberta Securities Commission (ASC) has sanctioned Dwight Victor Spaetgens for breaching Alberta securities laws and acting contrary to the public interest by failing to comply with undertakings (given as part of a 2009 settlement with the ASC) not to act as a director or officer, and not to trade in securities.
An ASC panel ordered that Spaetgens:
- pay an administrative penalty of $40,000 and investigation and hearing costs of $65,000; and
- be subject to a broad array of market-access bans until March 8, 2032.
In its decision, the ASC panel noted that Spaetgens' misconduct was serious. The panel also stated that "Participants in the capital market . . . must be assured that anyone whose access to the capital market is restricted by sanction or settlement will be held to those restrictions."
In November 2016, the panel found that Spaetgens failed to comply with his undertakings by trading in securities and by acting as a director and officer of Regency Capital Partners Inc., Valemont Developments Ltd. and Westmont Capital Corporation.
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 further information: For Media Inquiries: Nicole Tuncay, Senior Communications Advisor, 403.297.4008; For Investor Inquiries: ASC Public Inquiries, Toll Free 1.877.355.4488