The Nova Scotia Securities Commission has approved a settlement agreement with Wayne Berry, EnCharge Inc. and EnChargeCanada Corp.

Mr. Berry was an official with EnCharge and EnChargeCanada. The two companies and Mr. Berry admitted to violating Nova Scotia securities laws by soliciting investments from, and distributing securities to, residents of Nova Scotia without being registered to do so and distributing securities without having filed a prospectus. These actions undermined investor confidence in the fairness and efficiency of capital markets.

Mr. Berry admitted to the violations and accepted responsibility for his conduct and was co-operative with commission staff.

The commission approved the settlement agreement and ordered the three to:
— comply with Nova Scotia securities laws
— be reprimanded
— pay an administrative penalty of $40,000
— pay costs for the commission proceedings of $3,500.

In addition Mr. Berry is to:
— cease trading in securities for five years
— be denied the use of exemptions contained in Nova Scotia securities law for five years
— be prohibited from becoming or acting as a director or officer of any issuer, registrant or investment fund manager for three years
— be prohibited from becoming or acting as a registrant, investment manager or promoter for five years.

EnCharge and EnChargeCanada are denied the use of exemptions contained in Nova Scotia securities law for 10 years.

The Nova Scotia Securities Commission is the provincial government agency responsible for regulating trading in securities in the province. To view the order please visit http://nssc.novascotia.ca.

Source: Release