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by Mike Caswell
The Alberta Securities Commission has reached a $90,000 settlement with Calgary lawyer Norman David Anderson for his part in the Bluforest Inc. pump-and-dump. The regulator said that Mr. Anderson helped the man accused of running the scheme, Cem Can (also known as Jim Can), by setting up offshore accounts to hold large numbers of Bluforest shares. He continued to participate in the scheme even after the ASC contacted him about a growing spam campaign touting Bluforest, one that ultimately helped boost the stock to $2 (U.S.).
Mr. Anderson's sanctions are contained in a settlement agreement that the ASC released on Monday, March 11. His $90,000 penalty includes a $70,000 fine and the payment of $20,000 in the ASC's costs. He has also agreed to a ban that will effectively keep him away from the markets for eight years. During the ban, he is not permitted to be an officer or director of any company except for a single personal professional corporation, nor is he allowed to provide securities-related legal services.
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