ASC reciprocates criminal fraud conviction against Marie Louise LaFramboise
CALGARY, Jan. 30, 2020 /CNW/ - The Alberta Securities Commission (ASC) has issued a reciprocal order with respect to Marie Louise LaFramboise, who was convicted of one count of fraud over $5,000 contrary to section 380(1)(a) of the Criminal Code of Canada. The Court of Queen's Bench of Alberta accepted LaFramboise's guilty plea, and on January 7, 2019, sentenced her to four years imprisonment and ordered her to pay approximately $1.2 million in restitution.
LaFramboise's conviction arose from three groups of transactions connected to purported real estate developments in the Hinton-Jasper area. An ASC panel found that this was a course of conduct related to securities, and that it was in the public interest to issue orders against her under the Securities Act (Alberta) to protect investors and the Alberta capital markets. The panel noted the seriousness of fraud, and observed that "the scheme was multifaceted, continued for several years, affected at least 24 individuals, and [involved over] $1 million, of which substantial amounts were misappropriated" for LaFramboise's personal use.
The panel ordered that LaFramboise:
- must permanently cease trading in securities or derivatives, and that all exemptions contained in Alberta securities laws do not apply to her;
- must resign all positions she holds as a director or officer of any issuer;
- is permanently prohibited from becoming or acting as a director or officer (or both) of any issuer or other person or company that is authorized to issue securities; and
- is permanently prohibited from engaging in investor relations activities, from advising in securities or derivatives, from becoming or acting as a registrant, investment fund manager or promoter, and from acting in a management or consultative capacity in connection with activities in the securities market.
A copy of the decision is available on the ASC website at albertasecurities.com.
Effective July 1, 2015, most new orders and settlement agreements made by other securities regulatory authorities in Canada automatically take effect in Alberta as well. Orders or agreements by international regulators or other courts can be reciprocated in Alberta by an order of the ASC, but this does not occur automatically.
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: Hilary McMeekin, Manager, Communications, 403.592.8186; For Investor Inquiries: ASC Public Inquiries, Toll Free 1.877.355.4488
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