|By PR Newswire||
|December 21, 2012 06:20 PM EST||
CALGARY, Dec. 21, 2012 /CNW/ - The Alberta Securities Commission (ASC) has imposed sanctions against Kenneth Edmund Jakubowsky of Medicine Hat after finding that he illegally distributed securities and made misleading or untrue statements.
In the order, an ASC panel ruled that, for three years, Jakubowsky:
- must cease trading in or purchasing securities and exchange contracts;
- is banned from using any Alberta securities laws exemptions;
- is banned from acting as a director or officer of any issuer, registrant or investment fund manager; and
- is prohibited from acting in a management or consultative capacity in connection with activities in the securities market.
Jakubowsky has also been ordered to pay an administrative penalty of $2,500. The ASC panel sanctions follow a joint recommendation regarding sanction proposed by ASC staff and Jakubowsky.
The sanctions stem from Jakubowsky's admissions that from February to June 2012 he solicited investors, from Alberta and elsewhere, by posting a public advertisement on Facebook.com. Jakubowsky admitted he breached Alberta securities laws by making statements in these solicitations that he knew or ought to have known were misleading or untrue. He also admitted that he raised no investment funds through his activities.
The ASC is the regulatory agency responsible for administering the province's securities laws. It is entrusted to foster a fair and efficient capital market in Alberta and to protect investors. As a member of the Canadian Securities Administrators, the ASC works to improve, coordinate and harmonize the regulation of Canada's capital markets.
SOURCE Alberta Securities Commission