The Alberta Securities Commission (ASC) announced Nov. 12 that it has reached a Settlement Agreement and Undertaking with Calgary area lawyer John Charles Zang for breaches of Alberta securities laws relating to his role in a market manipulation involving the shares of Kilimanjaro Capital Ltd.
In the agreement, Zang admitted to engaging in an act or course of conduct in furtherance of the sale of Kilimanjaro shares in breach of the ASC's previously issued cease trade order. He also admitted that he indirectly engaged in a course of conduct that he ought to have known may contribute to an artificial price for the shares of Kilimanjaro.
“Further, he acted contrary to the public interest by failing to identify and adequately respond to suspicious circumstances surrounding the management, business operations and promotional activities of Kilimanjaro,” stated the ASC.
As part of the agreement, Zang paid the ASC $70,000 and for six years, agreed to refrain from: acting as a director or officer, or both, of any reporting issuer in Alberta with limited exceptions; trading in or purchasing any securities or derivatives, with limited exceptions; and acting as a trustee or beneficiary for any reporting issuer.
