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ASC imposes three-year ban, $90,000 order on Ogilvie

2023-03-23 20:15 ET - Street Wire

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by Mike Caswell

The Alberta Securities Commission has imposed $90,000 in sanctions and a three-year ban against former Saint Jean Carbon Inc. chief executive officer Paul Ogilvie. The ASC claimed that Mr. Ogilvie misled investors about a supposed agreement that Saint Jean Carbon had with Japanese manufacturing giant Panasonic Corp. in 2017. Mr. Ogilvie claimed to have a graphite supply deal, but there was no such arrangement, the ASC said.

The penalties for Mr. Ogilvie are contained in a decision that the ASC released on Thursday, March 23. His $90,000 sanction comprises a $60,000 administrative penalty and $30,000 in investigative and hearing costs. On top of that, the ASC has barred him from serving as an officer or director of any issuer for three years, and has ordered him to resign from any such positions that he holds.

The penalties arise from a news release that Saint Jean issued on Feb. 28, 2017. The company claimed to have received an order from Panasonic, with that order being part of an "offtake agreement to supply multiple tonnes of anode material monthly for a number of years." Mr. Ogilvie cheered the deal at length, calling it the company's "greatest accomplishment; to be recognized and awarded with an order to supply one of the world's best technology companies." Saint Jean said that it would make the first shipment within 90 days.

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