Mr. Mark Dickey reports

ASC RECIPROCATES BANS AGAINST IAC-INDEPENDENT ACADEMIES CANADA, MICRON SYSTEMS, THEODORE EVERETT, LEONARD RALPH AND ROBERT DUKE

The Alberta Securities Commission (ASC) has reciprocated certain sanctions the B.C. Securities Commission imposed on Independent Academies Canada Inc., Micron Systems Inc., Theodore Robert Everett, Leonard George Ralph and Robert H. Duke.

An ASC panel ordered that:

• All trading in or purchasing of Independent Acadamies Canada and Micron Systems securities must permanently cease;
• Independent Acadamies Canada and Micron Systems must permanently cease trading in or purchasing securities or derivatives, and are permanently prohibited from engaging in investor relations activities;
• Mr. Everett and Mr. Duke are each permanently prohibited from acting as a director or officer (or both) of any reporting issuer or registrant, engaging in investor relations activities, and acting in a management or consultative capacity in connection with activities in the securities market, and must permanently cease all trading in or purchasing securities or derivatives;
• For 10 years, from Oct. 1, 2013, Mr. Ralph is prohibited from acting as a director or officer (or both) of any reporting issuer or registrant, engaging in investor relations activities, acting in a management or consultative capacity in connection with activities in the securities market, and must cease trading in or purchasing securities (with limited exceptions).

In an October, 2013, settlement agreement with the BCSC, Mr. Ralph agreed that he authorized, permitted or acquiesced in Independent Acadamies Canada's illegal distribution of its securities. In a March, 2014, decision, the BCSC found that Independent Acadamies Canada, Mr. Everett and Mr. Duke illegally distributed securities; Micron Systems, Mr. Everett and Mr. Duke contravened a BCSC cease trade order; and Mr. Everett, Mr. Duke, Independent Acadamies Canada and Micron Systems perpetrated a fraud. Mr. Everett and Mr. Duke were also each found to have authorized, permitted and acquiesced in Independent Acadamies Canada and Micron Systems' fraud.

As there was serious capital market misconduct and evidence of distributions to Alberta residents, the ASC panel found that reciprocating the bans in Alberta would serve the public interest.

A copy of the decision is available on the ASC website.