16:51:22 EST Mon 12 Nov 2018
Enter Symbol
or Name
USA
CA



Login ID:
Password:
Save
Alberta Securities Commission
Symbol C : *ASC
Recent Sedar Documents

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

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

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.)

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

© 2018 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.