The Alberta Securities Commision has banned Stephen Hansen from acting as a company director and officer for a period of five years for illegally distributing shares of holding company Centec Financing Corp.

In a settlement agreement signed Wednesday, Hansen also agreed to a Cease Trade order, and denial of exemptions from the Securities Act.

In 1996, Hansen conducted illegal distributions of Centec shares. Eight Alberta investors lost collectively $55,000 in the venture.

This is not Hansen’s first breach of securities law. In 1998, as a result of misusing exemptions, he agreed to a six month cease trade order, and was not to act as a director of any company for a year.

“Illegal distributions such as this go to the heart of securities regulation,” said Wayne Alford, ASC’s director of enforcement. “The commission will continue to take action against people who disregard the legal requirements that govern distributions.”