Euston Capital Corp. and George Schwartz have filed an appeal from the Saskatchewan Financial Services Commission decision issued on February 9.

In that decision, the commission found that Euston, Schwartz and others traded in the securities of Euston Capital when they were not entitled to rely on the accredited investor exemption, and therefore breached the registration and prospectus provisions of the Saskatchewan Securities Act.

The SFSC ordered that Euston and Schwartz not trade in securities for a period of 10 years. Saks and MacLeod were ordered not to trade for five years. The SFSC also ordered that the respondents pay administrative penalties and costs.

The appeal argues that the SFSC erred in law and acted unreasonably in its finding of liability, that the penalty was excessive and unreasonable, that it failed to issue reasons for its decision, and that it didn’t give sufficient credit for cooperation, among other things. It seeks that the decision be set aside and the case dismissed, or a new hearing, or that the penalty be reconsidered.