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by Mike Caswell

The Alberta Securities Commission has fined Calgary's Alnoor Fatehali Nathoo, one of those accused of manipulating Canadian Securities Exchange listing Softlab9 Technologies Inc. in 2020. The ASC said that Mr. Nathoo was part of a group of insiders that carried out wash trades and other manipulative practices, with the activity coming as the company promoted disinfectant products amidst the appearance of COVID-19. Among other things, Mr. Nathoo used accounts in his name and his wife's name to offer "bid support" to the stock, according to the ASC.

The penalties for Mr. Nathoo, a former director of Softlab9, are set out in a settlement agreement that the ASC released on Thursday, Oct. 15. Mr. Nathoo has agreed to pay $105,000 and has agreed to serve an eight-year ban. During that period, he will be barred from acting as an officer or director and from trading, with some exceptions. In agreeing to the penalties, Mr. Nathoo has admitted to the violations.

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