Alberta Securities Commission (ASC) staff have concluded a settlement with Errin Kimball, the former president and CEO of Calgary-based Canadian Oilsands Inc.

In the settlement agreement, Kimball admitted to illegally distributing $335,000 of Western Canadian Oil Sands Inc. securities to six Alberta residents, and to making a misrepresentation that affected one investor’s decision to purchase $2 million of Western Canadian Oil Sands securities.

Kimball paid the ASC $25,000 plus $5,000 in costs and agreed to cease acting as a director or officer of any issuer for five years, starting on February 28.

Kimball will also cease trading in or purchasing securities and not use any Alberta securities laws exemptions until Jan. 22, 2018.