CALGARY, Aug. 31, 2015 /CNW/ - The Alberta Securities Commission (ASC) has found that Ryan Steve Magee, David Wayne Magee, Dalyne Rae Magee, Master Daytraders Inc. and Magee International Inc. illegally traded and distributed securities. An ASC panel also found that Ryan Magee made materially misleading or untrue statements to investors and perpetrated a fraud on investors. These findings were consistent with admissions made by the named parties.
As a result, the ASC panel ordered that:
- Ryan Magee, David Magee and Dalyne Magee must cease trading in or purchasing securities or derivatives and are denied the use of all exemptions (with limited exceptions for David), and are banned from acting as a director or officer of any issuer, and in a management or consultative capacity in connection with activities in the securities market, permanently;
- Ryan Magee, David Magee and Dalyne Magee must pay administrative penalties of $200,000, $75,000 and $50,000, respectively;
- Ryan Magee, David Magee and Dalyne Magee must disgorge, jointly or individually, $893,837 obtained as the result of their non-compliance with Alberta securities laws;
- Master Daytraders and Magee International must cease trading in securities or derivatives and are denied the use of all exemptions, permanently; and
- the named parties must pay, jointly or individually, $142,000 of the costs of the investigation and hearing of this matter.
In its decision, the ASC panel stated: "We agree with Staff that the Respondents pose substantial risk of future harm to investors and our capital market….Moreover, none of the Individual Respondents (through whom the Corporate Respondents operated) recognizes fully, or in any appreciable measure, the seriousness of their respective misconduct or the resulting harm." The ASC panel concluded: "We therefore perceive a need for substantial specific deterrence. We also perceive a need for substantial general deterrence to dissuade others from engaging in similar misconduct."
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: please contact: For Media Inquiries: Mark Dickey, Senior Communications Advisor, 403.297.4481; For Investor Inquiries: ASC Public Inquiries, Toll Free 1.877.355.4488