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Adam Drybrough and Blaine Kennedy plead guilty in Provincial Court

News Release

Adam Drybrough and Blaine Kennedy plead guilty in Provincial Court

CALGARY – Adam Gilchrist Drybrough and Blaine Russell Kennedy have pled guilty to making illegal trades and distributions of securities.  Provincial Court Judge Dinkel sentenced Drybrough to a nine month conditional sentence and ordered that he be banned for seven years from acting as an officer or director of any issuer and from trading in securities or derivatives (with limited exceptions).  Kennedy will appear for sentencing at a later date. 

When making their pleas, Drybrough and Kennedy admitted they have never been registered with the ASC as a salesperson or a dealer that is authorized to trade in securities, and that at no time was a prospectus filed with the ASC for the distribution of any securities of the Lucid Group of Companies. Drybrough and Kennedy also admitted that they authorized, permitted or acquiesced to the trade and distribution of Lucid securities by Lucid agents. 

These guilty pleas involve the consolidation of certain charges the ASC laid against Drybrough and Kennedy in 2012.  The remainder of those charges are expected to be withdrawn at a later date.

A copy of a transcript of the plea and verbal decision can be obtained through the Provincial Court of Alberta in Calgary. 

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.

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