Donald Addison Nason sentenced to house arrest for misleading investors

Donald AddisonNason has been sentenced to 18months of house arrest for breaching Alberta securities laws by selling banned shares of a wireless company.

The Calgary businessmanwas convicted in Septemberof 20 securities breaches for sellingLocate Technologies Inc. shares to two people in Edmonton worth $290,000.

He was foundguilty of engaging in illegal distributions, multiple breaches of an Alberta Securities Commission (ASC) cease trade order, an unfair trade practiseand making numerous misleading or untrue statements to investors.

It's not the first time Nason has breached securities laws. He was sanctioned for similar offences in New Brunswick an aggravating factor in the case, according to Judge Bruce Fraser.

Nason was fined $100,000 for activity in theprovince in 2009 but never paid the fine, according to Fraser.

"One year later he comes to Alberta and does the same thing," wrote Fraser in his sentencing decision, noting he hasn't shown any remorse for his crimes in either province.

Permanently banned from trading

Fraser called Nason "a danger to the public and morally corrupt and blameworthy having learned nothing from being previously sanctioned."

In addition to his house arrest sentence, Nason must also participate in 200hours of community service and is permanently banned from trading.A one-year probationary period will follow the sentence.

Since July 1, 2015, the ASCis able to automatically reciprocate orders and sanctions from other provincesa first in Canada.

October is also national Investor Education Month. Securities regulators areencouraging investors to check the registration of any firm or individual selling securities or offering advice.