CALGARY, Feb. 12, 2015 /CNW/ - The Alberta Securities Commission (ASC) has sanctioned Robert Baker for Multi-Corp. International's failure to comply with a December 4, 2012 ASC cease trade order. Baker was the company's sole director and officer when the breach, which was admitted, occurred.
The ASC panel ordered that Baker:
- must cease trading in or purchasing securities, and is prohibited from acting as a director or officer (or both) of any issuer, registrant or investment fund manager, until February 9, 2019; and
- must pay an administrative penalty of $20,000 and $5,000 towards the cost of the investigation into this matter.
The ASC panel noted that contravention of an ASC order is a serious matter: "Wilful disregard of such an order erodes market confidence, affecting the willingness of the public to invest and the ability of law-abiding issuers to raise capital."
To date, the ASC's December 4, 2012 cease trade order has not been revoked or varied.
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