The Alberta Securities Commission (ASC) announced May 14 that it has sanctioned Nicholas John Felgate for breaching Alberta securities laws.
In an October 2020 decision, an ASC panel found that Felgate failed to comply with an interim cease trade order that was issued by an ASC panel in March 2018 and extended twice. The interim order was in effect in May 2019 when Felgate entered into agreements described as "Lender/Loan Personal Non Securities Related Agreement" and "Promissory Note", for a total of $300,000, says the regulator. The ASC panel concluded that the agreements were securities and that Felgate traded in those securities, contrary to the interim order.
The panel ordered that Felgate pay an administrative penalty of $50,000 and be subject to an array of market access bans for five years from the date of the decision or the date his administrative penalty is paid in full, whichever is later. The panel also ordered that Felgate pay $41,800 towards the costs of the investigation and hearing.
