A financial regulator in Canada has ordered sanctions – including a trading ban - against av-Loc Private Wealth Partners and its chief executive and president, Thierry Gevaert, after the firm and Gevaert were found to have to misled investors.

The Alberta Securities Commission barred the firm and Gevaert from trading in all securities and exchange contracts (except for specified personal trading by Gevaert) and were barred from using securities laws exemptions for a period of five years, according to a statement from the regulator.

Gevaert was also banned from serving as a director or office of any issuer trading in, or distributing, securities and exchange contracts for five years.

Hav-Loc Private Wealth Partners and Gevaert were ordered to pay an administrative penalty of C$15,000 and costs of C$2,000.

In its statement, the ASC’s panel handling the case said it found that Hav-Loc Private Wealth Partners and Gevaert made misleading and untrue statements in Hav-Loc Private Wealth Partners marketing material when they implied that they conducted objective and diligent investigation into securities they were selling.

"Stated simply, they [Gevaert and the firm] told an untruth to investors. They had not conducted the due diligence they claimed to have performed,” the statement added.