The B.C. Securities Commission has reached a settlement agreement with a man who was once jailed for manipulating share prices on the now-defunct Vancouver Stock Exchange and convicted of mutual fund fraud.

Carl Lazzell has agreed to a five-year ban from the securities markets and must refrain from acting as a director or officer of any issuer during that period. He has also agreed to complete a program in the obligations and duties of directors and officers of public companies.

In 1988, following criminal proceedings against Lazzell, the BCSC issued temporary orders barring Lazzell and others from the securities markets for their part in a VSE stock price manipulation and fraud perpetrated on a U.S.- based mutual fund.

On Feb. 23, 1988, Lazzell was convicted of accepting secret commissions, contrary to the Criminal Code, and sentenced to 17 months in prison. In 1999, he received a pardon for the conviction.

In reaching the settlement agreement, the Executive Director took into account the pardon and the length of time the temporary orders have been in place against Lazzell.