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by Mike Caswell
The Alberta Securities Commission has imposed a six-year ban and $70,000 in penalties on Calgary lawyer John Charles Zang for his part in the pump-and-dump of OTC Markets listing Kilimanjaro Capital Ltd. in 2014. The ASC said that Mr. Zang helped others sell shares during a seven-month-long manipulation. The sales continued even after the ASC had issued a cease trade order against the company.
The penalties for Mr. Zang are contained in a settlement agreement that the ASC released on Tuesday, Nov. 12. In accepting the penalties, Mr. Zang has admitted that he acted contrary to the public interest and that he breached portions of the Alberta Securities Act. The six-year ban included in the settlement bars him from serving as an officer or director of any reporting issuer (with one temporary exception for TSX Venture Exchange listing Nextraction Energy Corp.) and from trading.
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