Alberta Court of Appeal upholds ASC decisions against De Palma in Concrete Equities case

CALGARY, Oct. 18, 2012 /CNW/ - The Alberta Court of Appeal has upheld Alberta Securities Commission (ASC) findings with respect to liability and sanction handed down against Vincenzo De Palma for his role in illegally distributing securities of Concrete Equities group.

In dismissing De Palma's appeal, the Court ruled there were no reviewable errors in the ASC's decisions, nor were the remedies imposed unreasonably in excess of the public interest.

In January 2012, an ASC panel ordered that De Palma pay an administrative penalty of $600,000 and $11,000 in costs.  De Palma was also barred from trading in or purchasing securities and from using exemptions for nine years, and from acting as a director or officer of any issuer for five years.

A copy of the ASC sanction decision is available on the ASC website at www.albertasecurities.com.

The ASC is the regulatory agency responsible for administering the province's securities laws. It is entrusted to foster a fair and efficient capital market in Alberta and to protect investors.  As a member of the Canadian Securities Administrators, the ASC works to improve, coordinate and harmonize the regulation of Canada's capital markets.

SOURCE: Alberta Securities Commission

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