News Releases
Red Deer man settles with the ASC for unregistered advising
Apr 09, 2019
CALGARY – April 9, 2019 - A Settlement Agreement and Undertaking has been concluded between the Alberta Securities Commission (ASC) and Gordon Thomson Fraser for Fraser acting as an adviser without being registered in accordance with Alberta securities laws.
In the Settlement Agreement, Fraser admitted to providing investment advice to, and purchasing and selling securities for, approximately 18 clients after his registration as a Dealing Representative had been suspended. He further admitted that in exchange for those services, he charged his clients a fee of 0.625 per cent on their assets, which was paid on a quarterly basis.
As part of the Settlement Agreement, Fraser has paid a fine of $30,000 and agreed that for a period of five years, with limited exceptions, he will refrain from:
- trading in or purchasing securities or derivatives;
- using any exemptions contained in Alberta securities laws;
- becoming or acting as a director and officer of any issuer;
- advising in securities or derivatives; and
- acting in a management or consultative capacity in connection with activities in the securities market.
A copy of the Settlement Agreement is available on the ASC website at albertasecurities.com.
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For further information please contact:
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ASC Public Inquiries
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inquiries@asc.ca