(February 26 – 15:45 ET) – The Canadian Venture Exchange Inc. has approved a proposed settlement agreement between the CDNX and Michael Skrypnek.

As part of the settlement agreement, Skrypnek agreed to pay a $2,000 fine, and to pay $500 toward the cost of the investigation.

According to the CDNX, on Dec.12, 1997, Skrypnek executed a discretionary purchase of 20,000 shares of Alberta Stock Exchange listed issuer Temba Resources Inc. in the corporate account of a client. Scrypnek’s employer had not accepted the account as discretionary, and the client had not given authorization to allow Skrypnek to exercise discretionary power over the account. The discretionary trade was made while the client was on vacation.

Skrypnek was employed as a registered representative with C.M. Oliver and Co Ltd. in Calgary from March 13, 1995 to March 6, 1998. Skrypnek has not been registered as an approved person since he voluntarily resigned from Emerging Equities Inc. on Feb. 26, 1999.
-IE Staff