ASC reciprocates bans against Bigfoot Recreation & Ski Area and Ronald McHaffie
CALGARY – The Alberta Securities Commission (ASC) has reciprocated certain sanctions the British Columbia Securities Commission (BCSC) imposed on Bigfoot Recreation & Ski Area Ltd. (Bigfoot) and Ronald Stephen McHaffie.
An ASC panel ordered that, with permanent effect:
- all trading in or purchasing of Bigfoot securities must cease;
- Bigfoot and McHaffie must cease trading in or purchasing securities or derivatives; and they are prohibited from engaging in investor relations activities, from becoming or acting as a registrant or promoter, and from acting in a management or consultative capacity in connection with securities market activities; and
- McHaffie is prohibited from becoming or acting as a director or officer of any issuer or registrant.
In a June 2014 decision the BCSC found that Bigfoot and McHaffie distributed securities without a prospectus or exemptions and McHaffie perpetrated a fraud on investors.
In its decision the ASC panel noted that, according to evidence from ASC staff, Bigfoot and McHaffie distributed securities to at least three Alberta investors. The ASC panel concluded that the protective purpose of Alberta securities laws would be served by reciprocating certain sanctions imposed by the BCSC.
The ASC is the regulatory agency responsible for administering the province’s securities laws. It is entrusted with fostering a fair and efficient capital market in Alberta and with protecting investors. As a member of the Canadian Securities Administrators, the ASC works to improve, coordinate and harmonize the regulation of Canada’s capital markets.