The Alberta Securities Commission (ASC) has entered into a Settlement Agreement and Undertaking with Michael Baron over breaches of Alberta securities laws tied to a market manipulation involving shares of Softlab9 Software Solutions Inc. Baron admitted to conduct he reasonably ought to have known could create a false or misleading appearance of trading activity and an artificial price for Softlab shares, including coordinated uptick trading and bid support in 2020. Under the settlement, Baron paid CAD 50,000 and agreed to resign any director and or officer positions at reporting issuers. He also accepted a four-year prohibition on 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. Baron had been named in an ASC Notice of Hearing issued on April 2, 2024, and the settlement notes his role was less significant than other respondents and did not extend to other allegations in the notice. Proceedings against the remaining respondents were scheduled to begin on May 26, 2025, but have been adjourned.
Alberta Securities Commission 2025-06-02
Alberta Securities Commission settles with Michael Baron over Softlab9 share manipulation and imposes four-year market bans
The Alberta Securities Commission (ASC) reached a settlement with Michael Baron over market manipulation involving Softlab9 Software Solutions Inc. shares. Baron admitted to actions that could create misleading trading activity and agreed to pay CAD 50,000, resign from director/officer roles, and face a four-year prohibition on certain securities activities. Proceedings against other respondents have been adjourned.