Blaine Kennedy sentenced in Provincial Court

CALGARY, July 24, 2015 /CNW/ - Blaine Russell Kennedy has been sentenced to a nine month conditional sentence after pleading guilty to making illegal trades and distributions of securities. Provincial Court Judge Dinkel also ordered that Kennedy be banned for seven years from acting as an officer or director of any issuer that trades in or issues securities or derivatives to the public (with limited exceptions). 

On June 25, 2015, Kennedy, along with Adam Gilchrist Drybrough, pled guilty to making illegal trades and distributions of securities. At that time, Drybrough received the same sentence as Kennedy. Both men admitted that 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 The remainder of those charges have been withdrawn.

A copy of a transcript of the plea and oral 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.

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