CALGARY, June 13, 2013 /CNW/ - The Alberta Securities Commission (ASC) has reciprocated bans ordered by the British Columbia Securities Commission (BCSC) against Daniel Scammell, Casper de Beer (a.k.a. Casha de Beer), VerifySmart Corp. (formerly Verified Capital Corp.) and Verified Transactions Corp.
In May 2012, the BCSC sanctioned Scammell, de Beer, VerifySmart and Verified Transactions for trading in securities without registration and distributing those securities without a prospectus.
An ASC panel ordered, among other things, that all trading in or purchasing in VerifySmart and Verified Transactions securities must permanently cease. It further ordered that Scammell and De Beer be banned from trading in or purchasing securities (with limited exceptions), becoming or acting as a registrant or promoter, acting in a management or consultative capacity in connection with activities in the securities markets, and disseminating to the public any communications, by or on behalf of any issuer, promoting the purchase or sale of that issuer's securities. Those bans are to be in effect until the later of May 14, 2017 or such earlier date as the BCSC sanctions may come to an end.
In its decision, the ASC panel noted that it was satisfied that the public interest in Alberta would be served by reciprocating sanctions imposed by the BCSC and that "this misconduct was not restricted to one province: the evidence is that numerous Alberta residents were among the investors harmed."
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