Michael Cody of Fredericton has been sentenced to 30 days in jail after pleading guilty to breaching a New Brunswick Securities Commission order in court yesterday.

In April 2009, Cody was permanently banned from trading in securities and was ordered to pay a $50,000 penalty as a result of his involvement in the solicitation and sale of shares in Locate Technologies and Tubtron Control.

Cody disregarded the order and continued to trade in securities, leading to the charge before the Provincial Court.

“Anyone subject to an order from the Commission must abide by it,” says Rick Hancox, executive director of the New Brunswick securities Commission. “We are here to protect the integrity of the capital markets.”