News Releases

ASC sanctions Edmonton resident Robert Carl Stewart and Tamarisk Energy Corp. for breaching Alberta securities laws

Mar 06, 2019

CALGARY – March 6, 2019 – The Alberta Securities Commission (ASC) has sanctioned Edmonton resident Robert Carl Stewart and his company Tamarisk Energy Corp. (Tamarisk) for breaching Alberta securities laws. Stewart and Tamarisk admitted that they illegally distributed Tamarisk shares and warrants, and made prohibited representations to investors as to the imminent listing of Tamarisk securities on an exchange.

The ASC panel ordered Stewart to pay a $20,000 administrative penalty and $8,000 toward the costs of the investigation. It also imposed an array of market-access bans against Stewart and Tamarisk for a period of eight years from the date of the decision, or until the administrative penalty is paid in full, whichever is the later. Those orders prohibit all trading in or purchasing of securities or derivatives of Tamarisk, and prohibit Stewart from:

  • acting as a director or officer of any issuer or any other specified entity, and from acting in certain other capacities in connection with the securities market;
  • advising in securities or derivatives; and
  • trading in or purchasing all securities or derivatives of Tamarisk.

In its decision, the panel noted that ASC enforcement staff had indicated that Stewart's cooperation in the resolution of this matter fell within ASC Policy 15-601 Credit for Exemplary Cooperation in Enforcement Matters. The sanctions imposed were in accordance with those jointly proposed by the parties.

The decision is available on the ASC website at 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.

 

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For further information please contact:

For Media Inquiries:

Curt Boechler
Senior Communications Advisor
403-835-1263

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ASC Public Inquiries
Toll Free: 1-877-355-4488