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SOURCE Alberta Securities Commission
CALGARY, Oct. 8, 2013 /CNW/ - The Alberta Securities Commission (ASC)
has sanctioned Raymond Harvey Johnston and Sherwood Financial Services
Ltd. (SFSL) for illegally trading in and distributing SFSL securities
to investors in Alberta, making material misleading or untrue
statements to investors, and acting contrary to the public interest.
An ASC panel ordered that:
Johnston is banned, for 15 years, from trading in or purchasing
securities and using Alberta securities laws exemptions (with limited
exceptions); acting as a director or officer of any issuer, registrant
or investment fund manager; acting in a management or consultative
capacity in connection with securities market activities; and that he
pay an administrative penalty of $100,000 and costs of $50,000; and
SFSL is permanently banned from trading in or purchasing securities and
using Alberta securities laws exemptions; acting as a registrant,
investment fund manager or promoter; acting in a management or
consultative capacity in connection with securities market activities;
and that all trading in or purchasing of SFSL securities must
In making these orders, the ASC panel found that "Johnston simply does
not accept the gravity of his and SFSL's misconduct and his
responsibility for the harm that ensued", and that the "serious risk of
a recurrence of harm from the Respondents to investors and the capital
market generally" demanded "strong measures of specific deterrence to
ensure no dangerous and premature re-entry into the capital market."
The ASC panel also found that the circumstances demanded "strong
measures of general deterrence", based on the "serious risk of future
harm from others who, observing the relative ease with which the
Respondents improperly raised money, might be tempted to do the same."
A copy of the sanction decision, along with the merits decision, can be found on the ASC website at www.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
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