Fredericton man sentenced to 30 days in jail for breaching securities commission order05 September 2012
SAINT JOHN (GNB) – Michael Cody of Fredericton has been sentenced to 30 days in jail after pleading guilty in provincial court to one charge of violating the Securities Act by breaching a New Brunswick Securities Commission order. The court handed down the sentence on Sept. 4.
"Anyone who is the subject of an order from the commission must abide by it,” said Rick Hancox, executive director of the commission. “We will take appropriate measures to discipline those who do not. We are here to protect the integrity of the capital markets in New Brunswick."
In April 2009, the commission permanently banned Cody from trading in securities and ordered him to pay a $50,000 penalty as a result of his involvement in the solicitation and sale of shares in Locate Technologies Inc. and Tubtron Controls Corp. to New Brunswick residents. Cody continued to trade in securities despite the order, leading to the charge before the provincial court.
The commission is an independent provincial Crown corporation responsible for regulating trading in securities within the province. For more information about these matters, consult the commission's website.
Visit the Canadian Securities Administrators' Disciplined Persons List for information relating to persons disciplined by provincial securities regulators, the Investment Industry Regulatory Organization of Canada and the Mutual Fund Dealers Association of Canada.
Being an informed investor is the best defence against investment fraud. Learn how to protect yourself by taking advantage of the materials available on the commission's website. The public may also contact the commission's investor services co-ordinator at 506-658-3060 or 1-866-933-2222 (toll-free) to get further information, to make a complaint or to express other investment-related concerns.