CALGARY, June 19, 2015 /CNW/ - The Alberta Securities Commission (ASC) has sanctioned Douglas Gordon Campbell, Atlantic Tides Incorporated (ATI) and Atlantic Tides Mortgage Investment Corp. (ATMIC) for breaching Alberta securities laws. An ASC panel earlier found that each made misrepresentations to investors, that Campbell made a prohibited representation, that ATI breached a filing requirement, and that Campbell authorized, permitted or acquiesced in ATI's and ATMIC's respective breaches.
The ASC panel ordered that:
- Campbell must cease trading in or purchasing securities or derivatives, is denied the use of all exemptions, and is banned from acting as a director or officer of any issuer, acting as a registrant or investment fund manager, and acting in a management or consultative capacity in connection with capital-raising activities in the securities market, all for 15 years;
- Campbell must pay an administrative penalty of $100,000;
- ATI and ATMIC must cease trading in or purchasing securities or derivatives, and are denied the use of all exemptions, permanently; and
- Campbell, ATI and ATMIC must pay, jointly or individually, $33,000 of the costs of the investigation and hearing.
In its decision, the ASC panel stated that "we have little reason to believe that, were the Respondents to go unsanctioned, they would comply with Alberta securities laws." The ASC panel also stated: "Indeed, we perceive a serious risk that the Respondents could again readily be tempted – by the prospect of, and their past success at, benefiting from investors' money – to repeat their misconduct, possibly with equal initial success (and equal detriment to new investors)."
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