CALGARY, Sept. 30, 2015 /CNW/ - Donald Addison Nason has been convicted of 20 counts of breaching Alberta securities laws. Provincial Court 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 numerous misleading or untrue statements to investors.
The charges stem from the illegal sale of Locate Technologies Inc. securities to investors in the Edmonton area. In April 2008, the ASC had prohibited all trading in Locate Technologies securities, and prohibited Locate Technologies from using any exemptions under Alberta securities laws.
In making his decision, Judge Fraser found Nason's credibility suffered as his version of the transactions in question was "beyond belief." Judge Fraser stated "He would have this court believe he made no attempt to promote the company and he was pursued by both investors anxious to give him large amounts of their cash to invest in a company they knew very little about without any incentives to do so."
Sentencing will occur at a later date. The ASC completed its sentencing submissions on Monday, September 28, 2015. Counsel for Mr. Nason is scheduled to make his sentencing submissions on Friday, October 2, 2015.
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