The Alberta Securities Commission (ASC) announced June 3 that it has concluded a settlement with Henry Ian Thor of Edmonton, a former registered representative at a financial services firm.
Thor admitted to a breach of Alberta securities laws relating to a series of improper transactions, on behalf of a client, in shares of a publicly traded company, says the regulator. The settlement outlines that Thor “repeatedly entered bids on behalf of a client for shares late in the trading day that were higher than the last trade of the day, resulting in at least 25 high close transactions.”
Thor admitted that he ought to have known that the high close purchases may result in, or contribute to, a false or misleading appearance of trading activity and an artificial price for a security, says the regulator.
As part of the settlement, Thor paid the ASC $40,000 and agreed that for a period of four years, with limited exceptions, to refrain from trading in or purchasing any securities or derivatives.
To learn more, consult the Settlement Agreement.