CALGARY, Nov. 12, 2019 /CNW/ - The Alberta Securities Commission (ASC) has concluded a Settlement Agreement and Undertaking with Calgary area lawyer John Charles Zang for breaches of Alberta securities laws relating to his role in a market manipulation involving the shares of Kilimanjaro Capital Ltd. (Kilimanjaro).
In the settlement agreement, Zang admitted to engaging in an act or course of conduct in furtherance of the sale of Kilimanjaro shares in breach of the ASC's previously issued cease trade order. Zang also admitted that he indirectly engaged in a course of conduct that he ought to have known may contribute to an artificial price for the shares of Kilimanjaro. Further, he acted contrary to the public interest by failing to identify and adequately respond to suspicious circumstances surrounding the management, business operations and promotional activities of Kilimanjaro.
As part of the settlement agreement, Zang paid the ASC $70,000 and for six years, agreed to refrain from:
- acting as a director or officer, or both, of any reporting issuer in Alberta with limited exceptions;
- trading in or purchasing any securities or derivatives, with limited exceptions; and
- acting as a trustee or beneficiary for any reporting issuer.
Zang was a respondent in a Notice of Hearing issued by the ASC on October 11, 2017. The hearing into the allegations against the remaining respondents commenced on November 12, 2019. For more information on the hearing, visit the Status of Current Proceedings page. A copy of the Settlement Agreement is also available on the ASC website at albertasecurities.com.
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: Curt Boechler, Senior Communications Advisor, 403.835.1263; For Investor Inquiries: ASC Public Inquiries, Toll Free 1.877.355.4488