05:26:24 EDT Sat 20 Jul 2019
Enter Symbol
or Name
USA
CA



Login ID:
Password:
Save

ASC fines, bans Raymond James ex Thor

2019-06-03 16:17 ET - Street Wire

Also Street Wire (C-B) BCM Resources Corp

This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Mike Caswell

The Alberta Securities Commission has imposed a four-year ban and $40,000 in penalties on former Raymond James Ltd. employee Henry Ian Thor for entering manipulative trades in a TSX Venture Exchange company. The ASC says that Mr. Thor, acting on the instructions of a client, entered high closes and uptick bids in BCM Resources Corp. of Vancouver. The trades were spread out over a period of nearly one year.

The sanctions for Mr. Thor are contained in a settlement agreement that the ASC released on Monday, June 3. The agreement represents a negotiated deal, in which Mr. Thor has admitted to the violations. Mr. Thor's fine includes the payment of $10,000 in the ASC's costs. He has also agreed to an order that bars him from entering trades except for his own account for a period of four years. This term does, of course, effectively bar him from working in a registered capacity at a brokerage.

The manipulative trades, as set out in the settlement, occurred between Aug. 31, 2015, and June 7, 2016. According to the ASC, Mr. Thor received instructions from an Edmonton client, Gerald Michael Budzinski, who exercised control over several accounts belonging to others. Mr. Budzinski directed Mr. Thor to buy shares in what the ASC describes as a manipulative manner. The trades typically increased the price of BCM between half a cent and four cents.

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS

© 2019 Canjex Publishing Ltd. All rights reserved.


Reader Comments - Comments are open to paying subscribers of Stockwatch and unmoderated, although libelous remarks, obscene language and impersonations may be deleted. Opinions expressed do not necessarily reflect the views of Stockwatch.
For information regarding Canadian libel law, please view the University of Ottawa's FAQ regarding Defamation and SLAPPs.