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by Mike Caswell

The Alberta Securities Commission has imposed a four-year ban on Abbotsford resident Michael Baron for his part in the Softlab9 Technologies Inc. manipulation. The ASC claimed that he was part of a group that boosted the stock with co-ordinated trades designed to produce an "uptick" in the stock. The trading came as Softlab9 touted disinfectant products amidst the appearance of COVID-19.

The penalties for Mr. Baron are contained in a settlement agreement that the ASC released on Monday, June 2. The four-year ban applies to serving as an officer or director, carrying out investor relations, and trading. (Mr. Baron may still trade, but only through a registered dealer and through a broker that has a copy of his settlement agreement.) Mr. Baron has also agreed to pay $50,000, which includes $10,000 in the ASC's costs.

With Monday's settlement, the ASC is still pursuing several others for the scheme. They include Softlab9's former chief executive officer, Rahim Shiraz Mohamed of Calgary, as well as a former director, Alnoor Fatehali Nathoo of Calgary. Also still a respondent in the case is Vancouver resident Marc Evan Levy.

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