The Alberta Securities Commission (ASC) has imposed a $25,000 administrative penalty against Daniel Edwin Stewart of Sherwood Park, Alberta for illegal distribution of securities. Under the ASC sanction, Stewart is also prohibited from participating in the capital markets (with exceptions) for four years and must pay $7,500 in costs.

Stewart admitted that in his capacity as a director of Pride Resources Ltd., he illegally promoted and sold Pride Resources securities, which resulted in $1.1 million being raised from approximately 40 Alberta and four Ontario residents.

In deciding the appropriate sanction, the panel noted, “Stewart does not fully recognize the seriousness of his misconduct and still poses a risk to Alberta investors and the capital market.” The panel concluded that “the public interest demands orders that would, for a reasonable period, substantially constrain Stewart’s access to the capital market …(and) that a direct and substantial monetary sanction is necessary to provide the requisite specific and general deterrence.”