CALGARY, July 21, 2015 /CNW/ - Douglas Wayne Schneider has been sentenced to the equivalent of one year imprisonment after pleading guilty to trading in securities without registration, illegal distribution of securities, and making misleading or untrue statements to investors. With credit for time already served, Schneider will be required to serve an additional 60 days in prison.
Provincial Court Judge Mark T.C. Tyndale also ordered that Schneider be permanently banned from:
- trading or advising in securities and derivatives;
- becoming or acting as a registrant, investment fund manager or promoter;
- acting in a management or consultative capacity in connection with the securities market, and
- using any or all exemptions contained in Alberta securities laws.
Schneider admitted that during the material time he was not registered with the Alberta Securities Commission (ASC) as a salesperson authorized to trade in securities and that at no time was a prospectus filed with the ASC for the distribution of any securities of The Investment Exchange Mortgage Corporation. Schneider also admitted that he made representations to investors regarding the use of their funds and legitimacy of the investments without any due diligence as to the accuracy of his statements.
On January 24, 2014, the ASC charged Schneider and Kenneth Charles Fowler in the Provincial Court of Alberta for breaking Alberta securities laws in relation to the sale of The Investment Exchange Mortgage Corporation securities. Arrest warrants were also issued on that date for the two men.
Schneider was arrested in California on February 28, 2014 and denied bail pending extradition. On June 3, 2014, Schneider was extradited from California to Alberta. Fowler remains at large and anyone with information about his whereabouts is asked to contact ASC Public Inquiries at 1-877-355-4488 or [email protected].
A copy of a transcript of the plea and oral decision can be obtained through the Provincial Court of Alberta in Calgary.
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