2009-04-23
13:06:57
The New Brunswick Securities Commission has fined two Fredericton-based stock promoters 150 thousand dollars for lying to provincial investors. Michael Cody and Donald Nason are the last remaining New Brunswick respondents for Locate Technologies and Tubtron Controls--which have been banned from capital markets in this province and Alberta.
Cody and Nason were involved in soliciting and selling shares while in violation of the Securities Act. They also admitted to misleading officials during an investigation of Locate Technologies and Tubtron Controls. The two men have been permanently barred from trading in securities on behalf of the public, or from becoming an officer or director of any issuer. Cody has been ordered to pay a penalty of 50 thousand dollars and Nason, a penalty of 100 thousand dollars. They must also jointly pay 2 thousand dollars in costs for the hearing.
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