Home Breadcrumb caret Industry News Breadcrumb caret Industry By The Book: ASC issues five-year ban (February 11, 2008) The Alberta Securities Commission has banned an Edmonton man from the market for five years for illegal distribution of securities. Lambert Lavallee was the founder and significant shareholder of KCP Innovative Services Inc. The ASC found that he raised $1.5 million from at least 107 investors without being properly registered. “Unless sanctioned, […] By Staff | February 11, 2008 | Last updated on February 11, 2008 1 min read Previous Brieflies this week: | MON | TUE | WED | THU | (February 11, 2008) The Alberta Securities Commission has banned an Edmonton man from the market for five years for illegal distribution of securities. Lambert Lavallee was the founder and significant shareholder of KCP Innovative Services Inc. The ASC found that he raised $1.5 million from at least 107 investors without being properly registered. “Unless sanctioned, Lavallee would pose a continuing risk to Alberta investors and the capital market,” the ASC said in its decision. On top of the ban, the ASC has ordered Lavallee to pay an administrative penalty of $20,000 and $10,000 in costs. (02/11/08) Staff The staff of Advisor.ca have been covering news for financial advisors since 1998. Save Stroke 1 Print Group 8 Share LI logo