The Nova Scotia Securities Commission has approved a settlement agreement with Andrew J. R. Leonard, A. J. R. Leonard Consulting, AL RC Global Equity, and Crosslands Energy Group International Inc.
The respondents violated Nova Scotia securities laws by trading in securities in Nova Scotia without being registered, and engaging in unfair practice by using one business to facilitate the sale of investments in a company with the similar name.
Mr. Leonard and his related companies accepted responsibility for its conduct and were co-operative with commission staff.
“Unless a company is raising capital through the exempt market, it is illegal for anyone to trade investments anywhere in Canada without being registered,” said Heidi Schedler, enforcement counsel for the Nova Scotia Securities Commission. “Registration is the foundation of investor protection, so before Nova Scotians invest, it’s important to check to see if the person who is selling the security is registered by searching the public database on the Canadian Securities Administrators website.”
The commission approved the settlement agreement and ordered Mr. Leonard and his related companies to:
— comply with Nova Scotia securities laws
— be prohibited from using all of the exemptions contained in Nova Scotia securities laws for a period 15 years
— be prohibited from becoming or acting as a registrant, investment fund manager or promoter for a period 15 years
— be reprimanded
— pay an administrative penalty of $60,000
— pay costs in connection with the commission proceedings of $5,000
The Nova Scotia Securities Commission is the provincial government agency responsible for regulating trading in securities in the province. To view the order visit www.gov.ns.ca/nssc/compliancenforce/enforproceedings.asp .
Source: Release