Latest news with #AlbertaSecuritiesCommission
Yahoo
3 days ago
- Business
- Yahoo
Michael Baron settles with the ASC for market manipulation
CALGARY, AB, June 2, 2025 /CNW/ - The Alberta Securities Commission (ASC) has concluded a Settlement Agreement and Undertaking (Settlement Agreement) with Michael Baron (Baron) for breaching Alberta securities laws relating to his role in a market manipulation involving the shares of Softlab9 Software Solutions Inc. (Softlab). In the Settlement Agreement, Baron admitted he engaged in a course of conduct he reasonably ought to have known may contribute to a false or misleading appearance of trading activity in, and an artificial price for, the shares of Softlab. Specifically, Baron admitted he, in coordination with others, engaged in uptick trading and bid support of Softlab shares in 2020. Uptick trading and bid support are trading strategies used in market manipulations to show false momentum or interest in the trading of a stock and to create an artificial price for the stock, not reflective of genuine supply and demand. Manipulative trading is a form of fraud, and is fundamentally incompatible with investor protection, market fairness and public trust in capital markets. As part of the Settlement Agreement, Baron paid the ASC $50,000 and agreed to resign all positions he may have as a director or officer, or both, of any reporting issuer. Baron also agreed to be prohibited, for a period of four years, from: acting as a director or officer, or both, of any reporting issuer; engaging in investor relations activities in respect of any reporting issuer; and trading in or purchasing securities or derivatives, with limited exceptions. Baron was a respondent in a Notice of Hearing issued by the ASC on April 2, 2024. According to the Settlement Agreement, Baron had a less-significant role in the admitted conduct than other respondents, and no role in the other allegations described in the Notice of Hearing. A copy of the Settlement Agreement is available online. The hearing into the allegations against the remaining Respondents was scheduled to commence on May 26, 2025, but has been adjourned. For more information on the hearing, visit the Status of Current Proceedings page at The ASC gratefully acknowledges the assistance of the BC Securities Commission (BCSC), Autorité des marchés financiers (AMF), Canadian Investment Regulatory Organization (CIRO), Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and Financial Industry Regulatory Authority (FINRA) in this matter. 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 View original content: Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Globe and Mail
29-05-2025
- Business
- Globe and Mail
Marksmen Energy Inc. Provides Update on the Filing of its 2024 Annual Financial Statements and Q1 Interim Financial Statements
CALGARY, ALBERTA, May 29, 2025 (GLOBE NEWSWIRE) -- Marksmen Energy Inc. (" Marksmen" or the " Company") is providing this update further to its news release dated May 15, 2025 with respect to the Alberta Securities Commission (" ASC"), having issued a management cease trade order (" MCTO") to Marksmen pursuant to its application under National Policy 12-203 Management Cease Trade Orders (" NP 12-203") in respect of the default regarding the delay of the filing of its annual financial statements, accompanying management's discussion and analysis and related chief executive officer (" CEO") and chief financial officer (" CFO") certifications for the financial year ended December 31, 2024 (collectively, the " Annual Filings"). Marksmen continues to work closely with its auditor MNP LLP and is making every effort to submit the Annual Filings in a timely fashion and expects to file no later than June 15, 2025. As a result of the delay in filing the Annual Filings, the Company's interim financial statements for the three months ended March 31, 2025, the accompanying management discussion and analysis and related CEO and CFO certifications (" Q1 Filings") will not be filed by the prescribed deadline of May 30, 2025. The Company currently anticipates that it will be in a position to file the Q1 Filings by June 30, 2025. The ASC has confirmed that the MCTO will remain in effect until June 30, 2025. The Company confirms that, other than as disclosed in its news release dated May 15, 2025, or as set out herein, there is no other material information concerning the affairs of the Company that has not been generally disclosed. The MCTO prohibits the CEO and the CFO from trading in securities of Marksmen for two full business days after the Annual Filings and Q1 Filings have been filed. The issuance of the MCTO does not affect the ability of persons other than the CEO and the CFO of the Company to trade in the Company's securities. Until the Annual Filings and Q1 Filings have been filed, the Company confirms that it intends to continue to satisfy the provisions of the alternative information guidelines specified in NP 12-203 for so long as it remains in default as a result of the late filing of the Annual Filings and Q1 Filings by issuing biweekly default status reports in the form of further news releases. For additional information regarding this news release please contact Archie Nesbitt, Director and CEO of the Company at (403) 265-7270 or e-mail ajnesbitt@ Forward Looking Information and Risk Factors This news release contains statements and information that may constitute "forward-looking information" within the meaning of applicable securities legislation, including statements identified by the use of words such as "will", "expects", "positions", "believe", "potential" and similar words, including negatives thereof, or other similar expressions concerning matters that are not historical facts. Such forward-looking information is not representative of historical facts or information or current condition, but instead represent only the Company's beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company's control. Generally, such forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur" or "will be achieved". The forward-looking information contained herein may include, but is not limited to, information concerning the estimated filing date of the Annual Filings and Q1 Filings. By identifying such information and statements in this manner, the Company is alerting the reader that such information and statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such information and statements. Some of these risks include, but are not limited to, the risk that the Annual Filings and Q1 Filings are filed later than anticipated, the risk that the Company's MCTO is revoked for any reason, in which case there is a risk that trading in the Company's securities may halted by the TSX Venture Exchange and/or cease traded temporarily by the Canadian securities commissions until such time as the Annual Filings and Q1 Filings are filed on SEDAR+. Additional information regarding risks and uncertainties of the Company's business are contained under the headings "Financial Risk Management" and "Going Concern" in the Company's Management's Discussion & Analysis for the condensed interim consolidated financial statements for the nine months ended September 30, 2024 and the Company's other public filings which are available under the Company's profile on SEDAR+ at Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. In connection with the forward-looking information contained in this news release, the Company has made certain assumptions. Although the Company believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. The forward-looking information contained in this news release are made as of the date of this news release, and the Company does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws. All subsequent written and oral forward-looking information and statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by this notice.
Yahoo
15-05-2025
- Business
- Yahoo
ASC alleges GIC Capital Corp., Maljaars Financial Inc., Jeff Barrie Wilkie and Robert Jacob Maljaars breached Alberta securities laws
CALGARY, AB, May 15, 2025 /CNW/ - The Alberta Securities Commission (ASC) has issued a Notice of Hearing against GIC Capital Corp. (GIC), Maljaars Financial Inc., Jeff Barrie Wilkie and Robert Jacob Maljaars (collectively, the Respondents). The Notice of Hearing alleges that the Respondents perpetrated a fraud on investors and failed to comply with a decision of the ASC. According to the Notice of Hearing, between January 1, 2020, and August 31, 2024, GIC raised at least $2.7 million CAD and $1.9 million USD from investors in Canada and the United States. It is alleged that the Respondents misled investors by claiming that money invested with GIC would be held safely in a segregated trust account. In reality, GIC did not hold investment capital in trust, and often used it to pay returns to other investors, to pay personal expenses, or for other unauthorized purposes. GIC's investors suffered substantial or total losses. It is further alleged that GIC and Wilkie continued to trade in GIC securities while subject to an Interim Cease Trade Order made by the ASC in June 2024. These are allegations and have not been proven in a hearing. An appearance to set a date for a hearing will be held on July 15, 2025, in the ASC Hearing Room, located on the 5th floor, 250 – 5 Street S.W., Calgary, Alberta. A copy of the Notice of Hearing can be found at The ASC gratefully acknowledges the assistance of the New Zealand Financial Markets Authority in this matter. 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 View original content: Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CBC
29-04-2025
- Business
- CBC
Social media 'finfluencer' breached Alberta's security laws, says watchdog
Social Sharing A Canmore "finfluencer" broke securities laws by failing to disclose that he'd been paid to promote the stocks of four companies, the Alberta Securities Commission has ruled. The commission issued its 22-page decision against self-proclaimed financial guru James Domenic Floreani, known on social media by his handle Jayconomics. The province's securities watchdog found that Floreani was acting as a financial influencer — finfluencer — when he breached the Alberta Securities Act in posts to his YouTube, X and Patreon accounts. Between November 2020 and March 2022, Floreani promoted four Canadian companies: Tenet Fintech Group Inc., Gold Mountain Mining Corp., Levitee Labs Inc. and Sekur Private Data Ltd. Followers acting on recommendations Those companies paid him, in total, over $100,000 for the sponsored content, according to the ASC. At the time, Floreani's YouTube account had more than 50,000 subscribers. Alberta's Securities Act requires anyone who is engaged in investor relations to clearly disclose when content is created on behalf of an issuer, which the ASC ruled Floreani failed to do. "Such disclosure is important because it helps prospective investors assess the objectivity of the information presented," said the ASC in a statement. "He made recommendations about purchasing certain securities to members of his audience, and the public comments on [Floreani's] posts demonstrated that viewers were acting on those recommendations." No finance or investing experience One of the titles of a Jayconomics YouTube video was: "This Stock EXPLODED to the NASDAQ." The ASC noted Floreani did not have experience or formal education in finance or investing. On his LinkedIn page, Floreani described Jayconomics as "a Canadian digital media company specializing in the creation of educational finance content with the goal of democratizing the financial landscape for all." Floreani told investigators he was not familiar with securities law and was unaware that the posts should have included such disclosure. Although the commission noted that ignorance of Alberta securities laws is not a defence, the ruling did state that Floreani's explanation "may be relevant to what sanctions are appropriate." Health issues, threats In its press release, the ASC recognized the growing trend of online finfluencers, noting that "not all information is provided by qualified individuals." In his interview with ASC investors, Floreani said he stopped posting financial content in early 2022 after he and others lost money. Floreani told investigators he found it difficult to deal with those consequences and said his health suffered as a result. He also said he'd begun receiving threats online.
Calgary Herald
28-04-2025
- Business
- Calgary Herald
ASC finds Canmore 'finfluencer' guilty of breaching Alberta Securities Act
A Canmore resident branding himself as a financial guru breached Alberta's Securities Act when he promoted four companies' stock to his thousands of followers without properly disclosing the posts were sponsored by those companies, according to the Alberta Securities Commission (ASC). Article content Article content A news release from the securities law regulator Monday said that between November 2020 and March 2022, Canmore's James Domenic Floreani was acting as a financial influencer – a 'finfluencer' – by creating online content that showcased his financial savvy and investment advice. Article content Article content In a 19-page ruling issued last week, the commission revealed that Floreani posted promotional content on YouTube, X and Patreon on behalf of four Alberta reporting issuers without adequately informing his audience the posts were paid for by those companies. Article content Article content Article content The ASC ruled that Floreani presented himself as knowledgeable and familiar with industry jargon, despite not actually having any formal education in finance or investing. His financial education was limited to a few introductory finance courses at Concordia University, as well as online courses offered through a platform called Udemy. However, none of these courses touched on securities law or regulation, according to the commission. Article content The Facebook page for Jayconomics describe it as a Canadian digital media company that specializes in educational finance content with the goal of 'democratizing the financial landscape for all.' The company's YouTube page had upwards of 50,000 subscribers, the ASC noted.
