Edmonton-area businessman Pat Cochrane has been banned from trading securities for 10-years, the Alberta Securities Commission (ASC) announced today.

Cochrane, from Sherwood Park, is banned for illegal trades and distributions of Innovative Energy Solutions, Inc. securities.

Cochrane must also pay a $60,000 administration fee, plus $50,000 in costs. As well, the 10-year ban denies Cochrane the use of exemptions under Alberta securities laws and prohibits him from acting as an officer or director of any public company. The ASC panel also ordered him to resign all positions he currently holds as a director or officer of any publicly-traded company.

The panel found that Cochrane acted contrary to the public interest when he attempted to give existing and prospective investors the impression that Innovative shares would soon be trading on a U.S. exchange, the ASC said today. During the ASC hearing, Cochrane admitted Innovative raised over $1.1 million from 89 Alberta residents.

The ASC panel stated this case “demands a significant and effective measure of general deterrence” and that “we must send a message to others who might otherwise be tempted to follow in Cochrane’s and (Innovative’s) footsteps, that a repetition of the misconduct….would be unacceptable and would be met with serious consequences.”

The panel also noted that Innovative is in bankruptcy proceedings in the U.S. and that “it is clear that Alberta investors did not get what they expected from their investment and face the prospect of financial loss.”

Cochrane was also before the ASC in October of 2005, when he entered into a settlement agreement in which he admitted to making similar representations and trading in securities without being registered.