CALGARY, Sept. 30, 2013 /CNW/ - Alberta Securities Commission (ASC) staff are seeking to reciprocate an order imposed by the Ontario Securities Commission (OSC) against Colby Cooper Capital Inc., Colby Cooper Inc., Pac West Minerals Limited., and John Douglas Lee Mason.
In an April 2013 Settlement Agreement, the OSC found that the named parties engaged in conduct relating to securities that they knew or reasonable ought to have known would result in a fraud on potential investors, and made prohibited representations and provided information to potential investors that was false, inaccurate and misleading. The OSC also found that Mason commingled Pac West and Colby Cooper Inc. investors' funds; that he used the funds raised to pay for personal expenses; and that he made sizable cash withdrawals from corporate accounts. Mason also used bank drafts in an attempt to avoid detection by OSC staff and to avoid the application of freeze orders on company bank accounts.
The OSC ordered, among other things, that Mason permanently be prohibited from trading in securities; from acting as a director or officer of any issuer; and from being a registrant, investment fund manager or a promoter. The OSC also terminated the registration of Colby Cooper Capital Inc.
The ASC seeks reciprocation of the OSC order to protect Alberta investors and the Alberta capital market.
It is anticipated that the ASC panel will consider this application in the near future.
The ASC is the regulatory agency responsible for administering the province's securities laws. It is entrusted to foster a fair and efficient capital market in Alberta and to protect 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
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