The Alberta Securities Commission (ASC) has sanctioned Matthew Russell, president and CEO of Azteca Gold Corp., for making misleading or untrue statements in eight 2009 Azteca Gold news releases, and acting as the Spokane, Wash.-based firm’s “qualified person” when lacked experience to do so.
An ASC panel banned Russell from acting as a director or officer of any issuer until June 13, 2017 and ordered that he pay an administrative penalty of $150,000 and costs of $40,000.
The ASC panel had earlier found that the eight Azteca Gold news releases “presented a highly optimistic picture of Two Mile [an Idaho mineral property in which the company had an interest], seemingly reflective of Russell’s hopes and theories.”
The ASC panel found that Russell’s misconduct caused Azteca Gold investors direct financial harm or put them at risk of such harm.
The ASC panel also found that Russell’s misconduct caused broader harm to the Alberta capital market.