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Jun 03, 2019
CALGARY – June 3, 2019 – The Alberta Securities Commission (ASC) has concluded a Settlement Agreement and Undertaking with Henry Ian Thor of Edmonton, a former registered representative at a financial services firm. Thor admitted to a breach of Alberta securities laws relating to a series of improper transactions, on behalf of a client, in shares of a publicly traded company.
The Settlement Agreement outlines that Thor repeatedly entered bids on behalf of a client for shares late in the trading day that were higher than the last trade of the day, resulting in at least 25 high close transactions. The practice of repeatedly entering high bids late in the trading day, leading to high close trades, is a manipulative strategy intended to raise the closing trade price or bid price for a stock from what it would be under the ordinary operation of supply and demand for a security. Thor admitted that he ought to have known that the high close purchases may result in, or contribute to, a false or misleading appearance of trading activity and an artificial price for a security.
As part of the Settlement Agreement, Thor paid the ASC $40,000 and agreed that for a period of four years, with limited exceptions, he will refrain from trading in or purchasing any securities or derivatives.
A copy of the Settlement Agreement is available 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.
For further information please contact:
For Media Inquiries:
For Investor Inquiries:
Hilary McMeekin Communications Manager 403-592-8186
ASC Public Inquiries Toll Free: 1-877-355-4488