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ASC Finishes 2015 Strong

Posted on January 2, 2016


The Alberta Securities Commission (ASC) ended 2015 on a high note with a flurry of press releases alerting Albertans to convictions, agreed settlements, and notices of hearing involving instances of securities fraud in the province.  The full list of news releases can be found on the ASC website.  Here are some of the highlights:

Dec 07:  A Notice of Hearing was issued for a Calgary man alleged of illegally raising $1.5 million in fraudulent Facebook-related contracts.

Dec 08: Caroline Meyers pled guilty to acting as an unregistered securities dealer and other offences involving Coastal Pacific Mining Corp.

Dec 17: A Notice of Hearing was issued alleging Danish Soleja and others were involved in the improper sale of investments in a proposed Pigeon Lake land development project known as Watermere Resort.

Dec 17: A Notice of Hearing was issued alleging Ferlyn Chmelyk and others illegally raised $500,00.  The notice also alleges that Chmelyk and others unlawfully raised $2.24 million by acting as an unregistered securities dealer.

Dec 21: Candice Graf and Homerun International Inc. were found guilty of fraudulently trading securities exceeding $26 million.

Dec 23: A Calgary man entered into a Settlement Agreement acknowledging he acted as a nominee on behalf of another person who was barred from serving as a director and officer. 

Dec 24: A Calgary man admitted to accessing non-public information from his employer and posting it on an internet bulletin board.  This act of 'tipping' resulted in an $8,000 fine and 3 year ban for the man.

Dec 30: Wade Closson of St. Albert was ordered to pay $1million in fines and other penalties for his participation in a supposed mortgage investment fraud.  He admitted to raising $10.8 million between 2009 and 2013 from as many as 125 investors.

As you can see, securities fraud is a booming business in Alberta.  The ASC is the regulatory agency responsible for enforcing Alberta's securities laws.  The ASC website is a very valuable resource for anybody considering investing.  Check out the website for tips, alerts, research tools, and events.

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