5 days ago
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.
