ASC Sanctions Lethbridge Businessman for Illegal Sale of Gusher Oil and Gas Securities

    CALGARY, Oct. 23 /CNW/ - An Alberta Securities Commission (ASC) panel has
imposed an eight-year trading ban on Lethbridge businessman William Mallinson
Sr. in connection with the illegal distribution of Gusher Oil and Gas Ltd.
securities. The ASC panel also prohibited Mallinson from using Alberta
securities laws exemptions and acting as a director or officer of any issuer
for eight years and ordered him to pay an administrative penalty of $48,000
and $2,000 in costs.
    Mallinson acknowledged that, largely through his efforts, approximately
$2.8 million was raised from the sale of Gusher Oil and Gas securities to 73
Alberta residents between 2004 and 2006 without filing a prospectus with the
ASC. The ASC panel ruled that Mallinson's actions deprived investors of a
"fundamental protection provided to investors under Alberta securities laws"
and that these investors "have been exposed to the risk of financial loss."
    A copy of this decision can be found on the ASC website at

    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.

For further information:

For further information: For Media Inquiries: Mark Dickey, Senior
Communications Advisor, (403) 297-4481; For Investor Inquiries: ASC Public
Inquiries, Toll Free 1-877-355-4488

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890