The Alberta Securities Commission has issued an interim cease trade of securities of former CEO Peter Workum, CFO Theodor Hennig and four offshore companies they own and control. The ASC also cease traded the securities of Proprietary Industries Inc.

At a hearing held Wednesday, ASC staff introduced further allegations against Workum and Hennig, including illegal insider trading, market manipulation and making misrepresentations to the ASC during the investigation and while under oath.

The cease trade order also stands against the four offshore companies owned and controlled by Workum and Hennig: Strategic Investment Fund, Cheshire Capital Inc., Lexington Capital Ltd. and Ashland Holdings Corp.

A panel of the ASC ruled that it was in the public interest to order the interim cease trade, which is effective for 15 days. An appearance has been scheduled for September 5, to hear an application to extend the interim cease trade order until a full hearing into the allegations can be concluded.