Commission fines companies $400,000

by Natalie MacLellan on October 9, 2009

in In the News

The Nova Scotia Securities Commission has approved a Settlement Agreement between its staff and Clarke Inc. and Geosam Investments Limited who admitted to failing to comply with Nova Scotia securities laws.

This follows an investigation by Commission staff, with the assistance of staff of the Autorité des Marchés Financiers.

In the settlement agreement, Clarke and Geosam admitted they failed to exercise due diligence to determine whether certain information was material and admit that they acted contrary to the public interest.

Clarke Inc and Geosom Investments Limited have agreed to pay, jointly and severally, an administrative penalty of $400,000 to the NSSC. They will also each pay $15,000 in costs in connection with the investigation.

For more information, see the settlement agreement or the order.

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