This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

ASC Finds Calgary Man Engaged In Market Manipulation

CALGARY, March 15, 2013 /CNW/ - The Alberta Securities Commission (ASC) has found that David De Gouveia breached Alberta securities laws and acted contrary to the public interest by creating a false or misleading appearance of trading activity in, and artificial prices for, Magellan Minerals securities.

An ASC panel found De Gouveia engaged in a pattern of trading that involved: upticks (trading at a higher price than the immediately preceding trade); high closes (closing trades on an uptick); wash trades (acting as both seller and purchaser in the same transaction); and uneconomic trades (selling and then immediately buying shares at a higher price.)

The ASC panel rejected De Gouveia's explanation for this trading behaviour, ruling the characteristics and patterns of De Gouveia's trading "are not attributable to incompetence, inattention or mistake. Rather, his trading exhibited multiple examples of what have been recognized as 'hallmarks' of market manipulation" and that this "was the behaviour of an alert, observant and active trader willingly sending price signals not prompted by a bona fide investment motivation."

ASC staff and De Gouveia have until March 22, 2013 to inform the ASC panel if they intend to call any new evidence regarding possible sanctions and if they wish to make submissions on what, if any, orders the ASC panel should make against De Gouveia.

A copy of the decision on can be found on the ASC website at

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

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 16,912.29 +122.10 0.73%
S&P 500 1,993.05 +13.13 0.66%
NASDAQ 4,783.2490 +34.8880 0.73%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs