News Release

Alberta Court of Appeal dismisses Nicholas John Felgate’s appeal of ASC decision

Mar 24, 2022

CALGARY – March 24, 2022 – In a Memorandum of Judgment, the Alberta Court of Appeal unanimously dismissed Nicholas John Felgate’s appeal of an Alberta Securities Commission (ASC) decision on the basis that it was an impermissible collateral attack of the cease trade order (CTO) issued against him (Re Felgate, 2018 ABASC 113) on July 11, 2018. In a split decision, a majority of the Court also held that although the CTO as drafted was flawed, Felgate was not entitled to simply ignore it and trade in securities as he wished.

Felgate had appealed the ASC panel’s written decision (Re Felgate, 2020 ABASC 156) of October 6, 2020, which ruled that the CTO was valid and that Felgate had breached the CTO by trading in securities. That same ASC panel subsequently issued a decision (Re Felgate, 2021 ABASC 68) sanctioning Felgate for breaching the CTO.

A copy of the Memorandum of Judgment is available at

The ASC is the regulatory agency responsible for administering the province's securities laws. It is entrusted with fostering a fair and efficient capital market in Alberta and with protecting investors. As a member of the Canadian Securities Administrators, the ASC works to improve, coordinate and harmonize the regulation of Canada's capital markets.


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