The Alberta Securities Commission has ordered that Marc Lamoureux, a former mutual fund salesperson from Grande Prairie, Alberta, pay a $20,000 administrative penalty and be denied the use of exemptions under Alberta securities laws for 10 years.

In its Reasons for Decision released today,

The commission also ordered Lamoureux to pay some of the costs of the investigation and hearing in the amount of $30,000.

“This is not simply a case of a good and suitable investment gone bad,” said the panel. “Conduct like (Lamoureux’s) undermines not only individual investors who relied on (him), but other investors’ confidence in the integrity of our capital markets.”

Lamoureux sold limited partnership units in two Hawaiian condominium projects — the Maui Court Partnership and the Maui Lani Partnership — to a number of his clients. The partnerships later collapsed and most of the investments were lost.

In August 2001, an ASC panel found that Lamoureux had failed to satisfy the “know your client” and “suitability” obligations. The panel also found that Lamoureux failed to explain the material negative factors of the investment to two of his former clients.