ASC sanctions Edmonton-based businesses and businessmen for illegally selling securities

CALGARY, July 25, 2013 /CNW/ - The Alberta Securities Commission (ASC) has sanctioned Dedric Joseph Robinson, Libertygate Investment Corp., D. Robinson & Associates Inc. and Allan Dwayne Holomey for contravening Alberta securities laws and acting contrary to the public interest.

An ASC panel ordered that:

  • Robinson is banned from trading in or purchasing securities, using Alberta securities laws exemptions, acting as a director or officer of any issuer, registrant or investment fund manager (with limited exceptions) and acting in a management or consultative capacity in connection with securities market activities for 20 years, and that he pay an administrative penalty of $200,000 and costs of $77,000;
  • Holomey is banned from trading in or purchasing securities, using Alberta securities laws exemptions, acting as a director or officer of any issuer, registrant or investment fund manager (with limited exceptions) and acting in a management or consultative capacity in connection with securities market activities for 10 years, and that he pay an administrative penalty of $100,000 and costs of $19,000; and
  • Libertygate Investment and D. Robinson & Associates are both permanently banned from trading in or purchasing securities, using Alberta securities laws exemptions, acting as a registrant, investment fund manager or promoter and acting in a management or consultative capacity in connection with securities market activities, and that all trading in or purchasing of Libertygate Investment securities and D. Robinson & Associates securities must permanently cease.

In making these orders, the ASC panel noted:  "The sanctions we order must be sufficient to dissuade the Respondents and others from raising money in the Alberta capital market in the absence of registration and a prospectus unless exemptions from such requirements are applicable and relied on for all trades and distributions of securities made. Failing to file Distribution Reports must also be discouraged."

Copies of the merits decision and sanction decision are available on the ASC website at www.albertasecurities.com.

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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