Bahamian Broker Agrees to Settlement for Unregistered Trading
CALGARY, Sept. 10, 2018 /CNW/ - The Alberta Securities Commission (ASC) has concluded a Settlement Agreement and Undertaking with Bahamian based broker/dealer Seton Securities International Ltd. (Seton).
In the settlement agreement, Seton admitted to acting as a dealer in Alberta without registration. Registration to conduct such activities is required by Alberta securities laws. Seton serviced two clients in Alberta. In the account of Lambert (Bert) Lavallee, tens of thousands of securities of North America Frac Sand, Inc. were traded, along with trades in securities of Advanced Environmental Petroleum Producers. The second account with a resident of Red Deer was dormant.
Seton agreed to close the two Alberta-based accounts and to pay to the ASC $30,000 in settlement, plus costs of $5,000.
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.
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