CALGARY, May 13, 2015 /CNW/ - The Alberta Securities Commission (ASC) has ordered Edmund Shimoon to pay an administrative penalty of $25,000 and investigation and hearing costs of $7,500 after he was found to have breached Alberta securities laws by making an untrue statement to ASC staff in the course of their investigation.
In the sanction decision, an ASC panel said that "Shimoon's pattern of shading and lack of forthrightness cannot be overlooked." The ASC panel noted that the context and potential consequences of Shimoon's misconduct persuaded them that a meaningful sanction was necessary. The ASC panel ruled: "Were it to go unsanctioned, or to be insufficiently sanctioned, we perceive a real risk that a calculating individual questioned in some future investigation could regard the potential benefits of responding misleadingly or untruthfully to Staff as outweighing any negative consequences."
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