An Alberta businessman has admitted to trading securities while being unregistered, participating in an illegal distribution of Genoray Advanced Technologies Ltd. (Genoray) securities, as well as making misrepresentations and prohibited representations about securities he traded.

In a settlement agreement released today by the Alberta Securities Commission, Clinton Wolstenholme of Airdrie, Alta. accepted responsibility for his part in illegal distributions of Genoray securities, trading in securities of American Technology Exploration Corp. (AmTech) without being registered and making misrepresentations and prohibited representations to AmTech investors.

While Wolstenholme believed that exemptions under Alberta securities laws were available for his trades in the securities of AmTech and Genoray, he admitted he should have been more diligent to ensure that his trades complied with Alberta securities laws.

Wolstenholme undertook to cease trading in securities (with some minor exceptions), to refrain from acting as a director or officer of any issuer, and will not make use of any exemptions in the Securities Act, all for a period of five years. He has also agreed to pay $20,000 to settle the allegations against him and $5,000 towards costs of the investigation.

In February, the ASC announced it would hold a hearing in Edmonton into allegations of Securities Act violations by Wolstenholme, as well as Lambert Lavallee, Richard Kearl, Ross Bayne, Patrick Cochrane, Douglas Nesbitt, Wyatt McNabb and Genoray Advanced Technologies Ltd. A hearing will still be held at a date to be scheduled regarding allegations against the remaining respondents in this matter.