CALGARY, June 27, 2019 /CNW/ - The Alberta Securities Commission (ASC) has sanctioned Vernon Ray Fauth, from Calgary, for breaching the Securities Act (Alberta) in connection with the sale of investments in Espoir Capital Corporation (Espoir). An ASC panel previously determined that Fauth illegally dealt in securities of Espoir, made misrepresentations to Espoir investors and perpetrated a fraud on investors.
The ASC panel ordered Fauth to pay an administrative penalty of $400,000, a disgorgement order of $2,585,414.87 and investigation and hearing costs of $250,000. It also ordered an array of permanent market access bans that prohibit Fauth from:
- trading in or purchasing any security or derivative, and from relying on any exemptions contained in Alberta securities laws;
- becoming or acting as a director or officer (or both) of any issuer or other specified entity; and
- acting in a management or consultative capacity in connection with activities in the securities market.
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: Hilary McMeekin, Manager, Communications, 403.592.8186; For Investor Inquiries: ASC Public Inquiries, Toll Free 1.877.355.4488