Ba­hamian se­cu­ri­ties dealer ad­mits op­er­at­ing in Al­berta with­out approvals

Calgary Herald - - CITY + REGION -

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.

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