Former CFO fined $50k, banned as officer, director for 2 years by ASC

The former CFO of The Cash Store Financial Services has paid $50,000 to the Alberta Securities Commission (ASC) over the preparation of financial disclosure documents that violated the Alberta Securities Act.

Nancy Louise Bland, who acted as CFO of the payday lending company until June 2012, was also prohibited from holding an officer or director position for two years, an ASC release says.

The settlement agreement says Bland admitted that the valuation for acquired loans and a loan loss provision in Cash Store’s Q2 2012 financial statements “were based on judgments and estimates formulated by Cash Store management,” and “not in accordance with the generally accepted accounting principles [or GAAP] that governed the Q2 financial statements,” therefore contravening the Securities Act.

ASC notes Bland has never been sanctioned by the commission before and was cooperative, which saved “time and expense” associated with the hearing.

Read the full settlement agreement.

Staff

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