The Alberta Securities Commission has reached a settlement with former Softlab9 Software Solutions Inc. director Alnoor Fatehali Nathoo over market manipulation and failures to meet insider reporting requirements. Nathoo admitted coordinating trades between February and November 2020 to create a false or misleading appearance of activity in Softlab shares and artificially increase their price. Nathoo used his own accounts and his spouse’s account, which he controlled and beneficially owned, to conduct uptick trading and provide bid support. He also failed to report shares acquired from another Softlab director in November 2019 and shares acquired through his spouse’s account. Under the settlement, Nathoo must resign any director or officer positions at reporting issuers, pay CAD 105,000 including CAD 20,000 in costs, and comply with eight-year restrictions on securities and derivatives trading, serving as a director or officer, investor relations activities and management participation in the capital markets, subject to limited trading exceptions. The hearing concerning the remaining respondent is continuing.
Alberta Securities Commission settles Softlab market manipulation case with former director for CAD 105,000 and eight-year bans
The Alberta Securities Commission settled with former Softlab director Alnoor Fatehali Nathoo over market manipulation and insider reporting breaches. Nathoo will pay CAD 105,000 and face eight-year trading, leadership and capital markets restrictions, subject to limited exceptions. The hearing involving the remaining respondent continues.