CALGARY, Feb. 27, 2013 /CNW/ - The Alberta Securities Commission (ASC) has concluded a settlement with Shane Elie Lucien Thibault of Saskatoon, Saskatchewan. Under the Settlement Agreement, Thibault paid $15,000 to the ASC and agreed to permanent restrictions on trading in or purchasing securities, relying on any Alberta securities laws exemptions, and acting as a director or officer of any issuer.
In a May 1, 2012 Notice of Hearing, ASC staff alleged that Thibault, in his role as an environmental consultant, participated in the illegal selling of Global 8 Technologies, Inc. securities.
In the Settlement Agreement, Thibault acknowledged that neither he nor Global 8 Technologies were registered to sell securities and no preliminary or final prospectus had been filed with the ASC when he helped Global 8 Technologies sell millions of dollars worth of its shares and warrants. Thibault further admitted that he made untrue and misleading representations about Global 8 Technologies and that he did not take appropriate steps to confirm whether investors were qualified to buy Global 8 Technologies securities under prospectus exemptions.
The May 1, 2012 Notice of Hearing also includes allegations against Global 8 Technologies, Rene Branconnier, Chad Burback, Milverton Capital Corporation, Halo Property Services Inc. and Canadian Alternative Resources Inc. As of the date of this news release, a hearing into these allegations is underway before an ASC panel in the ASC Hearing Room on the 5th floor, 250 - 5th Street S.W., Calgary, Alberta.Copies of the Thibault Settlement Agreement and the Notice of Hearing outlining the allegations against the remaining respondents can be found on the ASC website at www.albertasecurities.com. The ASC is the regulatory agency responsible for administering the province's securities laws. It is entrusted to foster a fair and efficient capital market in Alberta and to protect investors. As a member of the Canadian Securities Administrators, the ASC works to improve, coordinate and harmonize the regulation of Canada's capital markets. SOURCE Alberta Securities Commission