08/18/2014 02:17 EDT | Updated 10/18/2014 05:59 EDT

Calgary man, 70, gets 27 months in jail on 12 counts of breaching securities law

CALGARY - An Alberta provincial court has sentenced 70-year-old Calgary man to 27 months in prison after finding him guilty of breaching 12 counts of Alberta securities laws.

Among the offences, Robert Andrew McPherson was found guilty of trading in securities without being registered, distributing securities without a prospectus or applicable exemption and breaching a 2006 Alberta Securities Commission order banning him from trading in securities and acting as an officer or director of any issuer.

Besides the jail term, the court also ordered McPherson be permanently banned from trading in or purchasing securities, using any Alberta securities laws exemptions, acting as an adviser or a manager or in a consulting capacity and from becoming or acting as a director or officer of any issuer, registrant or investment fund manager or promoter.

In January 2012, the ASC charged McPherson in court in connection with illegally raising funds for Alexandra Exploration Inc, Hazelwood Energy Ltd. and Tilston Resources Ltd.