CALGARY, Feb. 5, 2016 /CNW/ - The Alberta Securities Commission (ASC) has sanctioned Global 8 Environmental Technologies, Inc., Halo Property Services Inc., Canadian Alternative Resources Inc. (CAR), René Joseph Branconnier and Chad Delbert Burback for engaging in capital market misconduct.
In its decision, an ASC panel ordered that:
- Branconnier pay an administrative penalty of $350,000 and costs of $65,000, and Burback pay an administrative penalty of $75,000 and costs of $35,000;
- Branconnier and Burback each be banned from trading in or purchasing securities (with limited exceptions), using any exemptions under Alberta securities laws, acting as a director or officer of any issuer, registrant or investment fund manager, and acting in a management or consultative capacity in connection with securities market activities until the later of February 2036 (Branconnier) or February 2028 (Burback) and the date on which the respective monetary amounts for each are paid in full to the ASC;
- Global 8 cease trading in or purchasing securities (with limited exceptions) and all exemptions under Alberta securities laws do not apply to Global 8, permanently;
- Halo and CAR cease trading in or purchasing securities and all exemptions under Alberta securities laws do not apply to Halo and CAR, permanently; and
- all trading in or purchasing of securities of Global 8, Halo and CAR cease, permanently.
In issuing these orders, the ASC panel stated that: "Clearly investors and our capital market are harmed by misconduct of the sort that occurred here. Not only were investors illegally separated from their money, but the investor witnesses apparently received no money back and no returns on their investments. … In our view, Branconnier and Burback would pose a grave risk to investors and the capital market were they not to receive significant restrictions on aspects of their future capital-market activity."
In June 2015, the ASC panel found, among other breaches, that Branconnier and Burback engaged in illegal trades and distributions of Global 8 securities, engaged in illegal distributions of Halo/CAR securities, made a prohibited representation, made misrepresentations, and authorized or acquiesced in certain misconduct by Global 8, Halo and CAR.
A copy of the sanction decision can be found 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 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