|By PR Newswire||
|February 21, 2014 06:27 PM EST||
CALGARY, Feb. 21, 2014 /CNW/ - The Alberta Securities Commission (ASC) has concluded a Settlement Agreement (the Agreement) with Kris Sundell (Sundell) for breaches of Alberta securities laws relating to market manipulation. In the Agreement, Sundell admitted that he engaged in a course of conduct relating to the securities of Teras Resources Inc. (Teras) that he knew or reasonably ought to have known resulted in a false and misleading appearance of trading activity and in an artificial price.
Sundell admitted that he engaged in numerous uptick trades (that is, at a price higher than the previous trade) and high close trades at the end of the day in shares of Teras from January 1 to June 30, 2011. He also admitted that his trading activity was contrary to the public interest.
Under the Agreement, Sundell, paid the ASC $45,000 and agreed to cease trading in or purchasing securities for five years.
The ASC is the regulatory agency responsible for administering the province's securities laws. It is entrusted with fostering a fair and efficient capital market in Alberta and with protecting 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