The Alberta Securities Commission (ASC) has handed down sanctions against a Calgary man for breaching the province’s securities laws and failing to comply with a previous settlement that prohibited him from trading in securities or acting as a director or officer.
The ASC delivered its decision on Tuesday in the case of Dwight Victor Spaetgens, who is subject to an administrative penalty of $40,000 and a bill of $65,000 for the investigation and hearing costs. In addition, Spaetgens must abide by 15-year ban on accessing various markets, which ends March 8, 2032.
This is not Spaetgens’ first encounter with the ASC. In 2009, he settled the case involving the illegal distribution of securities to investors in Alberta. Under that agreement, Spaetgens was restricted from trading in securities for two years.
However, in November 2016, the ASC found that Spaetgens had been serving as director and officer at three companies — Regency Capital Partners Inc., Valemont Developments Ltd. and Westmont Capital Corp. — in direct violation of the settlement reached.
In making its decision, the ASC panel said: “Participants in the capital market … must be assured that anyone whose access to the capital market is restricted by sanction or settlement will be held to those restrictions.”
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