CALGARY, Dec. 31 /CNW/ - The Alberta Securities Commission (ASC) has concluded a settlement with British Columbia resident Arthur Wigmore, a director of Arbour Energy Inc., in connection with allegations of fraud and other misconduct related to the sale and distribution of Arbour Energy securities.
Under the settlement agreement, Wigmore paid the ASC $60,000 to settle the allegations and $15,000 in costs. Wigmore also undertook to permanently cease trading in securities, refrain from acting as a director or officer of any issuer and refrain from using any Alberta securities laws exemptions.
In the settlement agreement, Wigmore acknowledged that he failed to exercise sufficient diligence to ensure that documents used by Arbour Energy to sell its securities were accurate and that they properly disclosed how funds from the sale of securities would be used. Wigmore also acknowledged that he ought to have known Arbour Energy's use of these funds placed the financial interests of investors at risk.
A copy of the settlement agreement is posted 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.
SOURCE Alberta Securities Commission
For further information: 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