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Court dismisses appeal on finding of illegal trading, reduces sanctions imposed by ASC panel
CALGARY - December 5, 2018 – In a memorandum of judgment, the Alberta Court of Appeal dismissed two grounds of appeal by Dwight Victor Spaetgens and allowed a third. Spaetgens had appealed the November 7, 2016 and March 8, 2017 decisions of the Alberta Securities Commission (ASC) panel that found him to be in breach of the Securities Act (Alberta) and imposed various sanctions. He also appealed a May 5, 2016 decision of the ASC that dismissed his request for an adjournment of the merits hearing.
The Court upheld the finding by the ASC that Spaetgens engaged in illegal trading in breach of Alberta securities laws and acted contrary to the public interest. The Court also confirmed that the ASC did not err in denying Spaetgens’ adjournment application.
In allowing the appeal on sanction, the Court lowered the administrative penalty to $10,000 and reduced the duration of the bans against Spaetgens holding the position of officer or director and trading in securities to 10 years (the ASC orders were $40,000 and 15 years, respectively). The Court did not change the ASC`s costs award against Spaetgens of $65,000.
A copy of the memorandum of judgement is available at albertasecurities.com.
The ASC is the regulatory agency responsible for administering the province's securities laws. It is entrusted to foster a fair and efficient capital market in Alberta and to protect 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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