CALGARY, Feb. 27, 2013 /CNW/ - The Alberta Securities Commission (ASC) has concluded a settlement with Shane Elie Lucien Thibault of Saskatoon, Saskatchewan. Under the Settlement Agreement, Thibault paid $15,000 to the ASC and agreed to permanent restrictions on trading in or purchasing securities, relying on any Alberta securities laws exemptions, and acting as a director or officer of any issuer.
In a May 1, 2012 Notice of Hearing, ASC staff alleged that Thibault, in his role as an environmental consultant, participated in the illegal selling of Global 8 Technologies, Inc. securities.
In the Settlement Agreement, Thibault acknowledged that neither he nor Global 8 Technologies were registered to sell securities and no preliminary or final prospectus had been filed with the ASC when he helped Global 8 Technologies sell millions of dollars worth of its shares and warrants. Thibault further admitted that he made untrue and misleading representations about Global 8 Technologies and that he did not take appropriate steps to confirm whether investors were qualified to buy Global 8 Technologies securities under prospectus exemptions.
The May 1, 2012 Notice of Hearing also includes allegations against Global 8 Technologies, Rene Branconnier, Chad Burback, Milverton Capital Corporation, Halo Property Services Inc. and Canadian Alternative Resources Inc. As of the date of this news release, a hearing into these allegations is underway before an ASC panel in the ASC Hearing Room on the 5th floor, 250 - 5th Street S.W., Calgary, Alberta.
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