13:47:23 EDT Thu 17 Oct 2019
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ASC fines, bans Raymond James ex Thor

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

Also Street Wire (C-B) BCM Resources Corp

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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.

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