CALGARY, Nov. 25, 2016 /CNW/ - The Alberta Securities Commission (ASC) has sanctioned Nelson Peter Bradbury for breaching Alberta securities laws.
Bradbury, a Calgary resident, raised over $1.5 million under investment agreements that he sold from approximately January 2010 to March 2013. Bradbury used approximately half of investors' money to trade in his brokerage accounts, generating considerable losses. He also diverted at least $370,000 of investors' money for personal use. An ASC panel found, consistent with a statement of admissions, that Bradbury illegally traded and distributed securities, engaged in fraudulent conduct and misled the ASC, all of which was also contrary to the public interest.
The panel made orders corresponding to what the parties jointly proposed, ordering that Bradbury:
- disgorge $370,000 obtained as a result of his non-compliance with Alberta securities laws;
- pay an administrative penalty of $150,000 and investigation and hearing costs of $13,000; and
- be subject to an array of permanent market-access bans.
The panel noted that the seriousness of Bradbury's misconduct, the personal benefit derived from that misconduct, and his prior history of market misconduct (a 2001 admission of illegally raising money) supported "strong measures of specific and general deterrence." The panel also stated it was convinced that Bradbury "is, and will remain, a serious risk to the investing public unless removed from the capital market forever."
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