Alnoor Fatehali Nathoo has settled with the Alberta Securities Commission (ASC) for market manipulation and insider reporting violations involving Softlab9 Software Solutions Inc. (Softlab). The settlement includes a $105,000 payment and an eight-year ban from acting as a director or officer.

Nathoo served as a director of Softlab, a British Columbia reporting issuer listed on the Canadian Securities Exchange, from October 2019 to September 2022. The ASC found that between February and November 2020, Nathoo coordinated trading activity to create a false appearance of momentum in Softlab shares. He utilized accounts in his own name and those controlled by his spouse to engage in uptick trading and bid support, artificially inflating the share price.

Insider reporting breaches

In addition to market manipulation, Nathoo failed to comply with insider reporting requirements mandated for directors. He did not report shares acquired from another Softlab director in November 2019. Furthermore, he failed to disclose Softlab shares acquired through his spouse’s account, over which he exercised control and held beneficial ownership. Nathoo admitted these failures breached Alberta securities laws.

Settlement terms and restrictions

The Settlement Agreement and Undertaking imposes significant regulatory consequences on Nathoo. The key terms are outlined below:

Nathoo agreed to resign all positions he may hold as a director or officer of any reporting issuer. The eight-year prohibition extends to participating in capital markets in a management capacity.

Related enforcement actions

This settlement follows the June 2025 resolution by Michael Baron, another respondent in the same matter, who also settled with the ASC regarding the market manipulation of Softlab shares. The hearing into allegations against the remaining respondent is currently in progress.

The ASC acknowledged assistance from several regulatory bodies, including the BC Securities Commission (BCSC), Autorité des marchés financiers (AMF), Canadian Investment Regulatory Organization (CIRO), Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), and Financial Industry Regulatory Authority (FINRA).

The Alberta Securities Commission (ASC) has concluded a settlement with Russell Douglas Ingram of Calgary for breaching Alberta securities laws by sharing confidential information about an upcoming acquisition. Ingram disclosed material, non-public details regarding the potential acquisition of i3 Energy plc (i3) to a friend and former colleague before the information was made public. This tipping occurred between May and August 2024, leading the recipient to purchase i3 securities prior to the August 19, 2024 public announcement of the pending acquisition.

Ingram was employed by i3 Energy Canada Ltd. (i3 Canada) from September 2020 to October 2024. Due to his position, he was in a "special relationship" with i3, which prohibited him from disclosing material facts or changes before public disclosure. While Ingram did not trade on the information or benefit financially from the other person's trading, his actions constituted a breach of Alberta securities laws. This is the first time Ingram has been sanctioned by the ASC.

As part of the Settlement Agreement and Undertaking, Ingram agreed to several penalties. The settlement terms include a financial penalty and restrictions on future trading activities.

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