ASC sanctions Nicholas John Felgate for breaching Alberta securities laws

CALGARY, AB, May 14, 2021 /CNW/ - The Alberta Securities Commission (ASC) has sanctioned Nicholas John Felgate for breaching Alberta securities laws.

In an October 2020 decision, an ASC panel found that Felgate failed to comply with an interim cease trade order (Interim Order) that was issued by an ASC panel in March 2018 and extended twice. The Interim Order was in effect in May 2019 when Felgate entered into agreements described as "Lender/Loan Personal Non Securities Related Agreement" and "Promissory Note", for a total of $300,000. The ASC panel concluded that the agreements were securities and that Felgate traded in those securities, contrary to the Interim Order.

The panel ordered that Felgate pay an administrative penalty of $50,000 and be subject to an array of market access bans for five years from the date of the decision or the date his administrative penalty is paid in full, whichever is later. The panel also ordered that Felgate pay $41,800 towards the costs of the investigation and hearing.

In its decision, the panel noted that "Contraventions of ASC orders are self-evidently of a serious nature" and that "Felgate deliberately traded in securities in contravention of the Interim Order."

A copy of the decision is available on the ASC website at 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.

SOURCE Alberta Securities Commission