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by Mike Caswell

The Alberta Securities Commission has imposed a $75,000 fine and a six-year ban on Edmonton's Lambert Joseph Lavallee for a 2017 scheme with an OTC Markets listing. The ASC said that Mr. Lavallee sold shares of a company called North America Frac Sand Inc., doing so in violation of a cease trade order. The sales came through an offshore account amidst a busy period of trading, the ASC said.

The penalties for Mr. Lavallee, who is now a repeat violator, are contained in a decision that the ASC released on Thursday, April 27. The decision bars him from trading for six years or until he pays his $75,000 fine in full, whichever is later. He must also pay $11,000 in the ASC's costs.

The ban is a loss for Mr. Lavallee, who had argued that there was no evidence that he harmed investors or the markets. He claimed to have realized no personal gain from the sales. He also asked that any ban include an exemption allowing him to trade through registered dealer that had received a copy of the ASC's ruling.

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