Alberta Court of Appeal dismisses Zulfikar Rashid's appeal of ASC decision

CALGARY, AB, Feb. 15, 2023 /CNW/ - In a Memorandum of Judgment issued on February 13, 2023, the Alberta Court of Appeal dismissed Zulfikar Rashid's appeal of an Alberta Securities Commission (ASC) sanctions decision.

Rashid had appealed the August 16, 2021 ASC sanctions decision requiring him to pay an administrative penalty of $75,000 plus $30,000 in costs (Re Kilimanjaro Capital Ltd., 2021 ABASC 131) for his role in a "pump and dump" market manipulation scheme. Rashid and others were found to have breached Alberta securities laws in a previous merits decision (Re Kilimanjaro Capital Ltd., 2021 ABASC 14).

The Court ruled that the ASC decision was not unreasonable, noting that "the ASC found that it was in the public interest to impose administrative penalties in this case and in determining the sanction imposed, considered the applicable sanctioning principles."

A copy of the Memorandum of Judgment is available on the ASC website at asc.ca.

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