Bahamian securities dealer admits operating in Alberta without approvals

A Bahamian-based securities dealer has agreed to close two accounts in the province following an investigation by the Alberta Securities Commission.

Seton Securities International Ltd. admitted acting as a dealer in Alberta without registration as required by securities laws, according to a settlement agreement issued Monday. It had serviced two clients in Alberta, including a Calgary account that traded tens of thousands of securities of North America Frac Sand Inc. between May 2016 and October 2017.

The second account, linked to a Red Deer resident, was inactive.

The ASC issued a cease trade order against NAFS in May 2016 for accounting related deficiencies and disclosure. Seton agreed to close the two accounts and pay a $30,000 penalty under the settlement.