The Alberta Securities Commission (ASC) has issued permanent trading bans against Virginia-based International Fiduciary Corp SA (IFC), Virginia resident Preston Pinkett II and British Columbia residents Daniel Eric Byer and Malcolm Cameron Boyd Stevenson.

The ASC panel decision reciprocates British Columbia Securities Commission (BCSC) orders issued against the same parties on February 20, 2008.

The ASC panel orders permanently ban all trading in or purchasing of securities of IFC, permanently ban IFC, Pinkett, Byer and Stevenson from trading in or purchasing securities, and permanently ban Pinkett, Byer and Stevenson from acting as directors or officers of any issuer.

The ASC panel noted that the BCSC panel had found that IFC, Pinkett, Byer and Stevenson illegally sold IFC securities and lied to induce investors to participate in a Ponzi scheme.

The ASC panel also noted that this misconduct may have extended to Alberta and was convinced by “the seriousness and multijurisdictional nature of the misconduct” that IFC, Pinkett, Byer and Stevenson posed a significant risk to Alberta investors and the Alberta capital market.