Donald Addison Nason sentenced to house arrest for misleading investors
CBC News | Posted: October 22, 2015 11:10 PM | Last Updated: October 23, 2015
Calgary businessman 'a danger to the public and morally corrupt,' according to judge
Donald Addison Nason has been sentenced to 18 months of house arrest for breaching Alberta securities laws by selling banned shares of a wireless company.
The Calgary businessman was convicted in September of 20 securities breaches for selling Locate Technologies Inc. shares to two people in Edmonton worth $290,000.
He was found guilty of engaging in illegal distributions, multiple breaches of an Alberta Securities Commission (ASC) cease trade order, an unfair trade practise and making numerous misleading or untrue statements to investors.
It's not the first time Nason has breached securities laws. He was sanctioned for similar offences in New Brunswick — an aggravating factor in the case, according to Judge Bruce Fraser.
Nason was fined $100,000 for activity in the province in 2009 but never paid the fine, according to Fraser.
"One year later he comes to Alberta and does the same thing," wrote Fraser in his sentencing decision, noting he hasn't shown any remorse for his crimes in either province.
Permanently banned from trading
Fraser called Nason "a danger to the public and morally corrupt and blameworthy having learned nothing from being previously sanctioned."
In addition to his house arrest sentence, Nason must also participate in 200 hours of community service and is permanently banned from trading. A one-year probationary period will follow the sentence.
Since July 1, 2015, the ASC is able to automatically reciprocate orders and sanctions from other provinces — a first in Canada.
October is also national Investor Education Month. Securities regulators are encouraging investors to check the registration of any firm or individual selling securities or offering advice.