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Aug 21

ASC sanctions Ronald Cadman and Travis Cadman for breaching their undertaking

​The Alberta Securities Commission (ASC) has sanctioned Ronald William Cadman and Travis Alfred Cadman for failure to comply with their undertaking in a July 2008 ASC settlement agreement to refrain from acting as directors or officers (or both) of any issuer for two years.  An ASC panel found that the Cadmans, as they admitted, breached the undertaking and Alberta securities laws by acting as directors and officers of numerous Alberta companies in that period.  The ASC panel ordered that the Cadmans: each pay an administrative penalty of $110,000 and – jointly or individually – pay investigation costs of $12,500; are each prohibited from advising in securities or derivatives until the later of August 19, 2020 and the date his administrative penalty has been paid; are each prohibited from becoming or acting as a director or officer (or both) of any issuer (with limited exceptions) until the later of August 19, 2025 and the date his administrative penalty has been paid; are each prohibited from becoming or acting as a director or officer (or both) of any registrant, investment fund manager, recognized exchange, recognized self-regulatory organization, recognized clearing agency, recognized trade repository or recognized quotation and trade reporting system until the later of August 19, 2025 and the date his administrative penalty has been paid; are each prohibited from becoming or acting as a registrant, investment fund manager or promoter (with limited exceptions) until the later of August 19, 2025 and the date his administrative penalty has been paid; and are each prohibited from acting in a management or consultative capacity in connection with activities in the securities market (with limited exceptions) until the later of August 19, 2025 and the date his administrative penalty has been paid. In making their decision, the ASC panel emphasized that "the Cadmans' breach undermined the effectiveness of the 2008 Settlement", and that "the Cadmans would pose a real and significant danger to investors and the Alberta capital market were their admitted misconduct to go unsanctioned.”    A copy of the decision can be found 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. -30-   For further information please contact: Read more

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