In today's Edmonton Journal re: Yorkton & OSC settlement
Yorkton Securities and ex-CEO Paterson each fined $1M in OSC settlement
PAULA ARAB Wednesday » December 19 » 2001
Canadian Press
Wednesday, December 19, 2001
TORONTO (CP) - Yorkton Securities and its disgraced former chief executive will each pay fines of $1 million under a settlement with the Ontario Securities Commission.
Scott Paterson - fired last Friday as head of the employee-owned brokerage - will be barred from securities trading for six months and will be forbidden for two years to serve as an officer or director of a securities firm, under a settlement with the regulator finalized Wednesday. "As part of the settlement I acknowledged that certain of my actions were contrary to the public interest," Paterson, 38, said in a statement.
"There were no allegations or admissions of the violation of any specific provisions of securities laws."
On Tuesday, Paterson resigned as vice-chairman of the Toronto Stock Exchange.
In a statement, Paterson said he had tendered his resignation to the TSE board, effective immediately.
He became one of two vice-chairmen at the TSE in August, after it merged with the Canadian Venture Exchange. He had been chairman of the CDNX since June 2000.
A TSE spokesman said Brian Canfield, chairman of the TSE's governance committee, accepted the resignation on behalf of the board.
In his statement, Paterson said he is a ``strong believer in the future of the TSE and the CDNX,'' and that Canada has excellent economic prospects that will be reflected in a vibrant capital market.
He urged the TSE board, and exchange president Barbara Stymiest, to take an active role in public debate over ``regulatory framework issues, government fiscal economic issues, tax policy and the Canadian dollar.''
He made no mention of his own situation. |
