Latest news with #MichaelBaron
CTV News
3 days ago
- Business
- CTV News
B.C. Man fined $50,000 for breaching Alberta securities laws
A B.C. man has been fined $50,000 by the Alberta Securities Commission for involvement in a market manipulation scheme. (Bloomberg Creative Photos/Bloomberg Creative Collection) A B.C. man has been fined $50,000 by the Alberta Securities Commission (ASC) following a settlement agreement relating to a market manipulation scheme. In the settlement agreement, Michael Baron admitted to engaging in uptick trading and bid support of Softlab9 Software Solutions Inc. shares in 2020. At the time, the B.C. company was a reporting issuer in Alberta. '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 creating an artificial price for the stock, not reflective of genuine supply and demand,' said a statement from ASC Monday. 'Manipulative trading is a form of fraud and is fundamentally incompatible with investor protection, market fairness and public trust in capital markets,' said the ASC. As part of the settlement agreement, Baron agreed to resign all positions he may have had as a director and/or officer of any reporting issuer on top of paying the ASC $50,000. He is also prohibited for four years from acting as a director/officer 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. A notice of hearing was issued by the ASC on April 2, 2024. According to the settlement agreement, Baron had a less-significant role in the admitted conduct than the other respondents. There were initially four other Albertan respondents involved, plus Baron. A hearing into the allegations against the others was scheduled to commence on May 26 but has been adjourned. A new date for the hearing has yet to be set.
Cision Canada
4 days ago
- Business
- Cision Canada
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.
Yahoo
4 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
