A hearing panel of the SFSC last week ordered a total of $226,000 be repaid to three unnamed investors, following a hearing in which SFSC staff were seeking over $600,000 in compensation for investors from four companies (West African Industries Inc., 101065273 Saskatchewan Ltd., 101076568 Saskatchewan Ltd., Life Systems Corporation) and two individuals (Allan Peter Moen and Louis Supera) that were found last year to have violated the province’s securities law by selling securities without registration.
Late last year, the respondents in the case were ordered to cease trading for five years, pay an administrative penalty of $25,000 and costs of $10,000 to the SFSC; additionally Moen and Supera were prohibited from becoming a director or officer of an issuer, registrant or investment fund manager, and from being employed in the selling of or advising on securities. At that time, the SFSC did not rule on possible financial compensation for investors who were harmed in the case.
A separate hearing on that issue was held yesterday, and none of the respondents appeared at the hearing. No reasons were given for the decision, apart from indicating that after reviewing the submissions from SFSC staff and other evidence, the panel decided that a compensation order is in the public interest.