CALGARY, March 1, 2012 /CNW/ - Alberta Securities Commission (ASC) staff are seeking to reciprocate orders imposed by the Nova Scotia Securities Commission (NSSC) against Quintin Earl Sponagle and Trevor Wayne Hill .
The NSSC found that between April and September 2006 Sponagle and Hill illegally solicited and traded investments that resulted in a Panamanian investment company, Jabez Financial Services, receiving $4,130,000 from 137 residents of Nova Scotia and 52 residents of other provinces. The NSSC determined that Sponagle and Hill's actions constituted a "deceptive and dishonest ruse, designed to extract money from trusting and unsuspecting Canadian investors. It was in the nature of a 'ponzi scheme'."
In October 2011, among other orders, the NSSC permanently banned Sponagle and Hill from using exemptions contained in Nova Scotia securities laws, acting as directors and officers of an issuer and from becoming or acting as a registrant, investment fund manager or promoter.
ASC staff seek reciprocation of the NSSC orders to protect Alberta investors and the Alberta capital market.
It is anticipated that the ASC panel will consider this application in March 2012.
A copy of the Notice of Hearing is available 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 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.
For further information:
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Senior Communications Advisor
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ASC Public Inquiries
Toll Free 1-877-355-4488