ASC reciprocates bans against IAC-Independent Academies Canada, Micron Systems, Theodore Everett, Leonard Ralph and Robert Duke

CALGARY, Feb. 27, 2015 /CNW/ - The Alberta Securities Commission (ASC) has reciprocated certain sanctions the British Columbia Securities Commission (BCSC) imposed on IAC â€" 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 IAC and Micron Systems securities must permanently cease;
• IAC and Micron Systems must permanently cease trading in or purchasing securities or derivatives and are permanently prohibited from engaging in investor relations activities;
• Everett and 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; and
• for 10 years, from October 1, 2013, 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). Â

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