The Alberta Securities Commission reports that a convicted securities offender gets a sentence of house arrest.

Michael Hills, sole director and officer of TelAlert Inc., was convicted in Calgary Provincial Court yesterday of illegally selling shares of TelAlert Inc. and making misrepresentations to investors and the ASC. Hills was given a six month conditional sentence, the first Alberta case of imprisonment for a Securities Act offence since prosecutions were taken over by commission staff.

“This decision reinforces our view that securities related offences, if sufficiently serious, should attract sentences of imprisonment,” said Wayne Alford, ASC director of enforcement. “Deliberate violations of the Securities Act will not be tolerated.”

In sentencing Hills, Judge Sandra Hamilton stated that the sentence must send a message to both the accused and the general public that the courts will view these offences as serious. With a conditional sentence, Hills is allowed to serve his sentence in the community. In effect, however, he is subject to house arrest. He is not allowed to leave his home except between 8 a.m. and 5 p.m. and then only to go to work. In addition to his conditional sentence, Judge Hamilton ordered Hills to a 10 year cease trade order, a 10 year denial of all exemptions under the Securities Act and a 10 year director and officer ban.

During sentencing, Judge Hamilton said that the decision to prosecute securities offences in provincial court shows a growing public concern over huge losses in the capital markets and reflects a general tightening up of enforcement in securities regulation.
http://www.albertasecurities.com