A Market Regulation Services Inc. (RS) hearing panel in Vancouver has approved a settlement between Alfred Simon Gregorian and RS. Gregorian agreed to a suspension from access to all marketplaces regulated by RS for a period of five years and to pay RS a total of $55,260.

Gregorian was an investment advisor with Research Capital Corp, in Vancouver when he participated, between Sept. 1, 2002 and May 31, 2003 and between Nov. 1, 2003 and Jan. 12, 2004, in the use of manipulative and deceptive methods of trading by three of his clients in the securities of International Wex Technologies Inc. on the TSX Venture Exchange.

WXI insiders held trading authorization over two of the client accounts. Gregorian entered over 800 orders for WXI shares, mostly small volume buy orders, resulting in trades of no economic benefit to the clients and numerous upticks and high closes designed to prop up WXI’s share price. The intent and impact of the trading was to create an artificial price for WXI shares.

“This was a significant enforcement case for us and is a good example of RS’s focus on identifying and applying its enforcement efforts to trading that does not represent bona fide market-making but rather involves manipulative and deceptive methods of trading,” said Gerry Halischuk, Vice President, Market Regulation, Western Region for RS, in a release.