CALGARY, Dec. 16, 2014 /CNW/ - The Alberta Securities Commission (ASC) has found that Neil Alan Lymer, Tri-Corp Canada Investments Inc. and 1351368 Alberta Ltd. (the Respondents) illegally traded or dealt in securities, engaged in illegal distributions of securities, made materially misleading or untrue statements to investors and prospective investors, and acted contrary to the public interest. These findings were consistent with admissions made by the Respondents.
As a result, an ASC panel ordered that:
- Lymer is banned, until October 1, 2029, from trading in or purchasing securities, using exemptions under Alberta securities laws, acting as a director or officer of any issuer, and acting in a management or consultative capacity in connection with activities in the securities market;
- Tri-Corp Canada Investments Inc. and 1351368 Alberta Ltd. are permanently banned from trading in or purchasing securities and using exemptions under Alberta securities laws; and
- The Respondents pay, jointly or individually, an administrative penalty of $200,000 and investigation costs of $10,000.
In making its decision, the ASC panel noted that the illegal trades (or dealing) and distributions "were serious capital-market misconduct, depriving investors of key protections mandated by our securities regulatory regime." The ASC panel also indicated that it does not doubt that these "misleading or untrue statements by the Respondents unfairly induced prospective investors to invest and encouraged existing investors to remain invested, thereby impairing capital-market integrity."
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: Mark Dickey, Senior Communications Advisor, 403.297.4481; For Investor Inquiries: ASC Public Inquiries, Toll Free 1.877.355.4488