SFSC ISSUES CEASE TRADE ORDER AND REGISTRATION PROHIBITION AGAINST ALAN CRUIKSHANK

Released on September 10, 2010

The Saskatchewan Financial Services Commission has approved a Settlement Agreement between the Director of the Commission's Securities Division and Alan Cruikshank of Saskatoon on September 2, 2010. The settlement resolved the matters set out in the Notice of Hearing issued on May 14, 2010.

In the Settlement Agreement, Cruikshank:

• admitted that he effected pre-arranged trades in shares of a company between himself and his spouse;
• admitted that he knew or ought to have known that this activity created or contributed to the misleading appearance of trading activity in or an artificial price for the shares, thus contravening The Securities Act, 1988;
• agreed to pay an administrative penalty of $30,000 and investigation costs of $5,000; and 
• consented to a Commission order that he cease trading in and acquiring securities and exchange contracts for a period of six months from the date of the order, and that he be prohibited from becoming a registrant for the later of six months from the date of the order or the date when he has successfully completed exams and courses listed in the agreement.

On September 2, 2010 the Commission issued an order effecting the terms of the Settlement Agreement.

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For more information, contact:

Ed Rodonets
Saskatchewan Financial Services Commission
Regina
Phone: 306-787-5850