CALGARY, Oct. 22, 2015 /CNW/ - Donald Addison Nason has been sentenced to an 18-month conditional sentence, or house arrest, after being convicted of 20 counts of breaching Alberta securities laws. Alberta Provincial Court Judge Bruce Fraser also ordered Nason to complete 200 hours of community service and permanently banned him from trading, acting as a director or officer of any issuer, and from acting as an adviser, manager or consultant in connection with activities in the securities market. This sentence will be followed by a period of probation of one year.
In September 2015, Judge Fraser found Nason guilty of engaging in illegal distributions, multiple breaches of an Alberta Securities Commission (ASC) cease trade order, an unfair trade practise, and making numerous misleading or untrue statements to investors. The convictions stem from the illegal sale of Locate Technologies Inc. securities to investors in the Edmonton area.
In handing down his sentence, Judge Fraser noted that a "significant aggravating factor" in this case was that Nason had already been sanctioned for similar offences in relation to the sale of Locate securities in New Brunswick. Judge Fraser stated that Nason was "a danger to the public and morally corrupt and blameworthy having learned nothing from being previously sanctioned."
As part of the conditional sentence, during the first nine months Nason must remain in his home (with limited exceptions) 24 hours a day, seven days a week, and for the last nine months he is bound by a curfew and other conditions.
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: Mark Dickey, Senior Communications Advisor, 403.297.4481; For Investor Inquiries: ASC Public Inquiries, Toll Free 1.877.355.4488