Regulators in Nova Scotia have settled with a couple of firms, and their owners, for trading without proper registration.
The Nova Scotia Securities Commission (NSSC) announced today that it approved a settlement agreement with Lyndon Horach Hibbert and HWL Healthy Wealthy Living Inc., finding that they violated securities laws by trading in securities without being registered, and without a prospectus.
Under the deal, Hibbert and his company are permanently banned from registration and from acting as a director of officer of an issuer or registrant; prohibited from using any exemptions for 15 years; pay an administrative penalty of $20,000 and costs of $1,000. The commission says that they accepted responsibility for their conduct and were cooperative with commission staff.
Separately, the NSSC said that it approved a settlement with Ralph MacDermott and A.C.T Associated Capital Traders, also amid allegations that they violated securities laws by trading without registration or a prospectus. They also cooperated with the NSSC and accepted responsibility for the breaches.
In that case, the commission says that MacDermott and his company are banned from registration, acting as a director or officer, or using an exemption for five years. And, they are to pay an administrative penalty of $25,000, along with $1,000 in costs.
“People and companies looking to raise capital in Nova Scotia need to know, before they start, what they need to do to comply with Nova Scotia securities laws,” said Heidi Schedler, enforcement counsel for the NSSC. “Registration, prospectuses and reporting on exempt trades all form part of the regulatory structure in place to project investors and promote confidence in Nova Scotia’s capital markets.”