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by Mike Caswell
The Investment Industry Regulatory Organization of Canada has imposed a six-month ban and $80,000 in sanctions on Alberto "Bob" Tassone, a Delta investment adviser who misled investigators. The regulator found that Mr. Tassone lied about a U.S. oil and gas investment. He had held the investment in the name of his sister, but initially failed to provide that information when asked by IIROC.
The sanctions for Mr. Tassone are contained in a penalty decision that IIROC announced on Jan. 30, 2018. They stem from an oil and gas entity that Mr. Tassone was involved with called JED Energy Ventures. The purpose of JED, as described by IIROC, was to hold oil and gas interests in the United States. Investors had placed $497,000 (U.S.) with JED.
Mr. Tassone's fine and suspension have little to do with the fact that he held an interest in JED, but rather with his efforts to disguise that interest. IIROC found that there was nothing untoward about his role with JED. The problem is that before the regulator came to that conclusion, he lied to IIROC employees about his role. He told them that he held only a small interest, of 5.796 per cent. His actual interest, however, was much higher.
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