Alberta Securities Commission settles Softlab9 share manipulation case with Michael Baron for CAD 50,000 and four-year bans

The Alberta Securities Commission has concluded a Settlement Agreement and Undertaking with Michael Baron over breaches of Alberta securities laws tied to a market manipulation involving Softlab9 Software Solutions Inc. shares. Baron admitted to coordinated trading in 2020 that he reasonably ought to have known could create a false or misleading appearance of trading activity and an artificial share price, including through uptick trading and bid support. Under the settlement, Baron paid CAD 50,000 and agreed to resign any director and or officer positions he holds with reporting issuers. He is also prohibited for four years from acting as a director or officer of any reporting issuer, conducting investor relations activities for any reporting issuer, and trading in or purchasing securities or derivatives, subject to limited exceptions. The settlement notes Baron was named in an Alberta Securities Commission Notice of Hearing issued on April 2, 2024, had a less significant role than other respondents in the admitted conduct, and had no role in other allegations in that notice; the commission also acknowledged assistance from the British Columbia Securities Commission, Autorité des marchés financiers, Canadian Investment Regulatory Organization, Financial Transactions and Reports Analysis Centre of Canada and the Financial Industry Regulatory Authority. Proceedings against remaining respondents continue, with the hearing that had been scheduled to begin on May 26, 2025 adjourned.