ASC Investigation Of Former Investment Advisor Continues

A former Lethbridge Investment Advisor might face a stiff monetary penalty for illegally trading and distributing securities.

A former Lethbridge Investment Advisor might face a stiff monetary penalty for illegally trading and distributing securities. The Alberta Securities Commission has already determined that Robert Smylski illegally provided investment advice to some investors without being registered. The Commission held an oral hearing in Lethbridge on Tuesday afternoon to offer further evidence on possible sanctions. One witness was called and stated Smylski offered him an investment opportunity last fall, 8 months after he was placed under an interim Cease Trading Order. Commission spokesman Mark Dickey says a review panel will now consider the issue. Legal Counsel for the Commission recommended a total penalty of $800,000 against Smylski and his company, Smylski Consulting Services.

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