Settlement Reached Over Market Manipulation

The Nova Scotia Securities Commission has settled with John During, who admitted to artificially improving the bid price of a stock, and to actions undermining investor confidence of capital markets in Nova Scotia.

Between Oct. 1, 2008 and Dec. 31, 2008, During entered nine buy orders, in the account of his spouse, for shares of Angoss Software Corp. These orders were entered within 30 minutes of market close.

Seven of the nine orders established the closing bid price. Eight were entered within one minute of market close, only one order was filled and all nine orders improved the bid price.

During admits entering the orders to artificially improve the shares' bid price. The trades violated section 132A(a) of the Nova Scotia Securities Act.

During acknowledged that his actions undermined investor confidence in the fairness and efficiency of capital markets. His involvement is limited to trading within his own account or the account of his spouse and he is not registered with the commission. He was not aware that his actions were contrary to Nova Scotia securities laws, he did not profit from them and said he regrets his actions and their effect on the capital market.

Under the order and settlement agreement, During will pay an administrative penalty of $2,500 to the commission. He will also pay $1,000 in costs connected with the investigation and conduct of the proceedings.

During is also prohibited from trading securities for two years, except through a dealing representative registered with the commission, and will be denied all exemptions under Nova Scotia securities laws.

The Nova Scotia Securities Commission is the provincial government agency responsible for regulating trading in securities within the province. The order and settlement agreement can be viewed at www.gov.ns.ca/nssc/compliancenforce/enforproceedings.asp .