The Alberta Securities Commission (ASC) has reciprocated certain sanctions the Ontario Securities Commission (OSC) imposed against FactorCorp Inc., FactorCorp Financial Inc. and Mark Twerdun.
An ASC panel ordered that FactorCorp, FactorCorp Financial and Twerdun must, for 10 years from the date of the OSC order, cease trading in securities and are banned from using all exemptions under Alberta securities laws.
In addition Twerdun would have a limited exception to the trading ban, but only after the $1.4 million in monetary sanctions imposed against him by the OSC are paid in full.
The ASC panel also ordered that Twerdun be permanently prohibited from becoming or acting as a director or officer (or both) of any issuer.
In a Feb. 22, 2013, decision, the OSC found that Ontario securities laws were contravened when: FactorCorp Financial failed to file offering memoranda with the OSC; FactorCorp Financial and FactorCorp made materially misleading or untrue statements in offering memoranda and promotional materials; FactorCorp Financial and Twerdun breached a temporary OSC cease-trade order; Twerdun authorized, permitted or acquiesced in FactorCorp Financial’s and FactorCorp’s contraventions; and FactorCorp Financial and Twerdun improperly used the accredited investor exemption. (See Investment Executive, OSC bans FactorCorp director for misleading investors, October 1, 2013.)