CALGARY, Jan. 31, 2014 /CNW/ - Alberta Securities Commission (ASC) staff are seeking to reciprocate an order imposed by the British Columbia Securities Commission (BCSC) against Frederick Lawrence Marlatt (a.k.a. Frederick Lawrence Mitschele) and Michael Wallace Minor for illegally distributing Photo Violation Technologies Corp. (PVT) securities.
A BCSC panel determined that PVT, Mitschele and Minor violated securities laws by selling approximately $3.6 million in PVT shares to 272 investors without being registered and without a prospectus. The BCSC panel determined that the exemptions claimed by the respondents were not applicable. At the time of the distributions, Mitschele was president and chief executive officer and Minor a director of PVT, a now-bankrupt parking technology company.
The BCSC panel banned Mitschele and Minor for five year bans from trading securities or exchange contracts (with limited exceptions) and from acting as a director or officer of any issuer, other than PVT2 (the successor company to PVT).
The ASC seeks reciprocation of the BCSC order to protect Alberta investors and the integrity of the Alberta capital market.
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