Information contained on this page is provided by an independent third-party content provider. WorldNow and this Station make no warranties or representations in connection therewith. If you have any questions or comments about this page please contact email@example.com.
SOURCE Alberta Securities Commission
CALGARY, Oct. 8, 2013 /CNW/ - The Alberta Securities Commission (ASC) has sanctioned Raymond Harvey Johnston and Sherwood Financial Services Ltd. (SFSL) for illegally trading in and distributing SFSL securities to investors in Alberta, making material misleading or untrue statements to investors, and acting contrary to the public interest.
An ASC panel ordered that:
In making these orders, the ASC panel found that "Johnston simply does not accept the gravity of his and SFSL's misconduct and his responsibility for the harm that ensued", and that the "serious risk of a recurrence of harm from the Respondents to investors and the capital market generally" demanded "strong measures of specific deterrence to ensure no dangerous and premature re-entry into the capital market."
The ASC panel also found that the circumstances demanded "strong measures of general deterrence", based on the "serious risk of future harm from others who, observing the relative ease with which the Respondents improperly raised money, might be tempted to do the same."
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.
©2012 PR Newswire. All Rights Reserved.