News Release

ASC sanctions Lambert (Bert) Joseph Lavallee for breaching Alberta securities laws

Apr 27, 2023

CALGARY – April 26, 2023 – The Alberta Securities Commission (ASC) has sanctioned Lambert (Bert) Joseph Lavallee for trading in common shares of North America Frac Sand, Inc. (NAFS) while a cease trade order (CTO) was in effect and for withholding information reasonably required for an ASC investigation.

An ASC panel previously determined that Lavallee sold over 4.5 million NAFS common shares through an account in the Bahamas although he was aware the CTO was in effect, and that he withheld information while knowing an ASC investigation was being conducted.

In its sanctions decision, the ASC panel stated that Lavallee engaged in reckless and deliberate misconduct, despite his experience in the capital market and despite having been sanctioned in 2008 for previous contraventions of Alberta securities laws. The panel determined there was a strong need for specific and general deterrence. Lavallee was ordered to pay an administrative penalty of $75,000, and to cease trading in or purchasing any security or derivative for a period of six years from the date of the decision or until the administrative penalty is paid in full, whichever is later. He was also ordered to pay investigation and hearing costs of $11,000.

A copy of the decision is available on the ASC website 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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Theresa Schroder
Senior Advisor, Communications

ASC Public Inquiries
Toll Free: 1-877-355-4488