09:00:36 EDT Tue 17 Sep 2019
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ASC fines Bahamian brokerage Seton $35,000

2018-09-11 10:22 ET - Street Wire

Also Street Wire (U-NAFS) North America Frac Sand Inc

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by Mike Caswell

Bahamian brokerage Seton Securities International Ltd. has settled a case in which the Alberta Securities Commission had accused it of facilitating improper trades by an Edmonton man. The ASC claimed that Seton allowed Lambert Joseph Lavallee to trade an OTCQB listing in violation of a cease trade order. The violation occurred during a period when the stock was extraordinarily active, suddenly trading millions of shares, the ASC said.

The settlement for Seton is contained in an agreement that the ASC released on Monday, Sept. 10. The firm has agreed to pay $35,000 and to close the account that Mr. Lavallee used. In reaching the deal, Seton has admitted that it acted as a dealer in Alberta without registration.

While Seton looks to have emerged from the case relatively unscathed, the matter remains outstanding against Mr. Lavallee. The ASC set out the details of its case against him, Seton and others in a notice of hearing issued on June 28, 2018. The scheme centred around violations of a cease trade order for a company called North America Frac Sand Inc. According to the ASC, Mr. Lavallee was closely involved with the company, even though he had no official role. (On paper the company listed an R. Newton and D. Newton as its officers and directors.)

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