A New Brunswick man has been sent to jail for 30 days for breaching a trading ban handed down by the province’s regulator.

The New Brunswick Securities Commission (NBSC) announced that Michael Cody of Fredericton, N.B. has been sentenced to 30 days in jail after pleading guilty in provincial court to one charge of violating the Securities Act by breaching an NBSC order.

In 2009, Cody (who was registered as a salesperson from August 2005 to May 2006) was permanently banned from trading in securities, and from serving as a director or officer of an issuer, and was ordered to pay a $50,000 penalty. The settlement was related to allegations that he violated securities laws and acted contrary to the public interest by trading without registration, making prohibited representations to investors and misrepresentations to NBSC staff; among other things.

However, the NBSC says that Cody continued to trade in securities despite the order, which led to the charge before the provincial court.

“Anyone who is the subject of an order from the commission must abide by it,” said Rick Hancox, executive director of the NBSC. “We will take appropriate measures to discipline those who do not. We are here to protect the integrity of the capital markets in New Brunswick.”