(September 15 – 11:40 ET) – The Alberta Securities Commission has issued sanctions against Patrick Joseph Little.
The ASC recently found Little guilty of several Securities Act violations. He actively solicited individuals to purchase securities in private placements and traded in securities of Sports Specific International Inc. and Sports Active Inc. without being registered and without having filed a prospectus with the ASC.
“Little misled investors and misrepresented the truth on a number of occasions in order to persuade investors to trustingly part with their securities and cash,” stated the ASC panel in its decision. Further the ASC said his conduct “is an example of the type of abusive promotional activities that damage the integrity of the market and harm investor confidence.”
The ASC imposed a cease trade order on Little. It has denied him use of any exemptions under the Securities Act and prohibited him from acting as a director or officer of any issuer for 10 years. Little must also pay investigation and hearing costs, totalling $13,000.
-IE Staff