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The Alberta Securities Commission (ASC) has sanctioned John Byron Rochard and Global Social Capital Partners, Inc. for illegally trading in Global Social securities, illegally distributing Global Social securities and making materially untrue statements to investors. An ASC panel also sanctioned Global Social for failing to file required exempt-distribution reports and Rochard for authorizing, permitting or acquiescing in Global Social's contraventions of Alberta securities laws.
The ASC panel ordered that:
Rochard pay an administrative penalty of $100,000 and investigation and hearing costs of $70,000;
Rochard be subject to a broad array of market-access bans until the later of April 26, 2031 and the date on which the administrative penalty ordered against him has been paid in full to the ASC; and
Global Social be subject to a broad array of permanent market-access bans.
The ASC panel noted that the misconduct of Rochard and Global Social caused substantial harm to investors and the Alberta capital market. The ASC panel also stated: “We believe that the Respondents, were they to go unsanctioned, would pose a real and substantial risk of future harm to investors and our capital market. The Respondents illegally raised, with seeming ease and a measure of guile, approximately $1.5 million from investors, and they benefited from their misconduct. Despite having been alert to the applicability of securities laws to at least some of Global's capital-raising activities, the Respondents failed to ensure compliance.”
A copy of the decision is available on the ASC website at www.albertasecurities.com.
The ASC is the regulatory agency responsible for administering the province's securities laws. It is entrusted with fostering a fair and efficient capital market in Alberta and with protecting investors. As a member of the Canadian Securities Administrators, the ASC works to improve, coordinate and harmonize the regulation of Canada's capital markets.
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