Can-Mac official fined for trading violations

Two others, Frank Capek and Donald Carnegie, also pleaded guilty to counts of trading in securities without registration and were fined $2,000 each.

The securities in question were those of Can-Mac, a junior exploration company. During February and March, 1987, the three men were involved in selling 32,000 Can- Mac shares to five people in Chatham, Ont., for a total of $16,810. These shareholders will receive their money back, the Ontario Securities Commission says.

The prosecutions were brought under the former Securities Act which provided for maximum penalties of $2,000 per count. The maximum fine for these violations has recently been increased to $1 million per count.

According to OSC counsel Douglas MacKay, “these prosecutions are indicative of the OSC’s intention to enforce the registration and prospectus requirements of the Act and further indicates the seriousness attached to this type of activity by the Provincial Court.”

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