|By PR Newswire||
|November 21, 2012 03:01 PM EST||
CALGARY, Nov. 21, 2012 /CNW/ - The Alberta Securities Commission (ASC) has ordered that Westside Land Corporation and David Brezsnyak, together or separately, pay an administrative penalty of $100,000 and costs of $6,000 after admitting to illegal trading and distribution of securities. An ASC panel also banned Westside Land Corporation and Brezsnyak from using all exemptions under Alberta securities laws for one year. The ASC panel further ordered that any trade of the already-issued securities be deemed be a distribution, therefore limiting their resale.
The ASC panel made the ruling after Westside Land Corporation and Brezsnyak had earlier acknowledged that they breached Alberta securities laws by selling undivided interests in land and corporate shares without filing a prospectus, registering with the ASC to trade in securities, or determining if exemptions were available. The ASC panel found that the respondents "were extremely cooperative...throughout the investigation and enforcement hearing process" and "took immediate steps to comply with Alberta securities laws" once alerted to ASC staff concerns.
The ASC is the regulatory agency responsible for administering the province's securities laws. It is entrusted to foster a fair and efficient capital market in Alberta and to protect investors. As a member of the Canadian Securities Administrators, the ASC works to improve, coordinate and harmonize the regulation of Canada's capital markets.
SOURCE Alberta Securities Commission
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