News Releases
Zelitt Gets Four Years Jail Time, $1.85M In Fines
Jan 20, 2003
A judge in Provincial Court today ordered Sheldon Stephen Zelitt be imprisoned for four years and pay $1.85M in fines, says the Alberta Securities Commission.
The former C.E.O. of VisuaLABS Inc. was convicted on 11 counts of securities offences on January 6th, 2003 for making misrepresentations in documents filed with the ASC.
In addition to the jail time and fines, Judge G.M. Meagher ordered that Zelitt be banned from acting as a director or officer, cease trading in securities and be denied use of the exemptions in the Securities Act, all for a period of 25 years.
A warrant for committal has been issued for Zelitt, who was last seen in the Czech Republic. Should Zelitt fail to pay the fines, another 4 years will be added to his sentence.
The Alberta Securities Commission is the industry funded regulatory agency responsible for administering the Alberta Securities Act. Its mission is to foster a fair and efficient capital market in Alberta and, together with the other members of the Canadian Securities Administrators, develop and operate the Canadian Securities Regulatory System.
The former C.E.O. of VisuaLABS Inc. was convicted on 11 counts of securities offences on January 6th, 2003 for making misrepresentations in documents filed with the ASC.
In addition to the jail time and fines, Judge G.M. Meagher ordered that Zelitt be banned from acting as a director or officer, cease trading in securities and be denied use of the exemptions in the Securities Act, all for a period of 25 years.
A warrant for committal has been issued for Zelitt, who was last seen in the Czech Republic. Should Zelitt fail to pay the fines, another 4 years will be added to his sentence.
The Alberta Securities Commission is the industry funded regulatory agency responsible for administering the Alberta Securities Act. Its mission is to foster a fair and efficient capital market in Alberta and, together with the other members of the Canadian Securities Administrators, develop and operate the Canadian Securities Regulatory System.