The Alberta Securities Commission today announced a $90,000 settlement with three men, one of whom acted as an officer of a TSX-listed company, despite having a criminal conviction.

In the settlement agreement, Douglas Brain Wenzel admitted that he acted as a de facto officer of Wenzel Downhole Tools Ltd. (TSX:WZL) contrary to his undertaking to the Toronto Stock Exchange not to become an officer or director of Weznel.

As a result of a criminal conviction, Wenzel was not suitable to be a director or officer of a reporting issuer whose shares were listed for trading on a public exchange.

Henry Boychuk, Wenzel Downhole’s CEO, and Maurice Minvielle, a member of the firm’s board of directors, admitted that they ought to have known that Wenzel was acting as a de facto officer of WZL and ought to have prevented him from doing so.

Under the terms of the settlement, Wenzel agreed to pay $50,000 to the ASC towards investigation costs and refrain from acting as a director or officer for any reporting issuer for 10 years.

Boychuk and Minvielle agreed to pay $20,000 each to the ASC towards investigation costs and agreed not to act as a director or officer for any reporting issuer until they have successfully completed a corporate governance course or programme for directors and officers acceptable to the Executive Director of the ASC.