A panel of the Alberta Securities Commission has ordered $55,000 in administrative penalties and costs, in addition to market bans against Trevor William Park, for participating in one of the largest illegal distributions of securities to come before the ASC.
Park participated in an illegal distribution of approximately $8.5 million worth of securities of 526053 B.C. Ltd. to Alberta investors.
In its decision dated January 20, 2006, the panel concluded that, “While we are satisfied that Park was not the mastermind behind the illegal distributions of 526053 securities, he nonetheless actively participated in one of the largest illegal distributions of securities ever brought before this Commission.”
The panel also found that “Park knowingly or recklessly put investors’ economic interests at risk. Park harmed these investors and subjected the investing public and our capital market generally to harm.”
The panel ordered that Park:
- pay a $50,000 administrative penalty and $5,000 costs;
- cease trading or purchasing any security for 15 years;
- be denied the use of all exemptions under the Alberta securities laws for 15 years; and
- resign any position that he holds as a director and officer of any issuer in Alberta, and is prohibited from becoming or acting as a director or officer of any issuer in Alberta for 15 years.