ASC reciprocates bans against Ronald Ovenden, New Solutions Capital Inc., New Solutions Financial Corporation and New Solutions Financial (II) Corporation

CALGARY, Sept. 8, 2014 /CNW/ - The Alberta Securities Commission (ASC) has reciprocated certain sanctions the Ontario Securities Commission (OSC) imposed on Ronald James Ovenden, New Solutions Capital Inc., New Solutions Financial Corporation and New Solutions Financial (II) Corporation.

An ASC panel ordered that:

• Ovenden must cease trading in securities or exchange contracts and must cease purchasing securities until April 25, 2029, with certain registered retirement savings plan or registered retirement income fund-related exceptions;
• Ovenden is banned from using exemptions under Alberta securities laws, acting as a director or officer (or both) of any issuer, registrant or investment fund manager, and becoming a registrant until April 25, 2029;
• any registration of Ovenden or New Solutions Capital Inc. under Alberta securities laws is terminated;
• Ovenden, New Solutions Capital Inc., New Solutions Financial Corporation and New Solutions Financial (II) Corporation are reprimanded;
• New Solutions Capital Inc., New Solutions Financial Corporation and New Solutions Financial (II) Corporation must cease trading in securities or exchange contracts and must cease purchasing securities permanently; and
• New Solutions Capital Inc., New Solutions Financial Corporation and New Solutions Financial (II) Corporation are permanently banned from using exemptions under Alberta securities laws and becoming a registrant.

In an April 2, 2014 OSC settlement, Ovenden and New Solutions Capital Inc. admitted to, among other things, making untrue statements or omitting necessary information regarding trades in New Solutions Financial (II) Corporation debentures.  In a March 28, 2013 OSC Settlement, New Solutions Financial Corporation and New Solutions Financial (II) Corporation admitted to similarly misleading or failing properly to inform investors. Evidence showed that investors throughout Canada, including at least 27 Alberta investors, were impacted by the misconduct.

A copy of the 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 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.

SOURCE: Alberta Securities Commission

For Media Inquiries: Mark Dickey, Senior Communications Advisor, 403-297-4481; For Investor Inquiries: ASC Public Inquiries, Toll Free 1-877-355-4488