ASC finds Edmonton-based salesperson Patricia Marcotte illegally sold securities

CALGARY, Feb. 18 /CNW/ - The Alberta Securities Commission (ASC) has found that Edmonton-based salesperson Patricia Frances Marcotte (nee Roque) breached Alberta securities laws and, in so doing, acted contrary to the public interest.

An ASC panel found that, beginning in 2007, Marcotte sold undivided interests in lands located in Sturgeon County, Alberta on behalf of Trident Properties Ltd.  Trident Properties was to develop the lands so that investors would make a profit.  The ASC panel concluded that Marcotte, in selling the undivided land interests, was selling "investment contracts" illegally, without the required registration or prospectus.

In selling the undivided land interests, Marcotte was also found to have made prohibited and misleading and untrue statements to prospective investors.  The ASC panel stated:  "In short, we find that Marcotte made representations that were misleading or untrue (or both) to prospective investors that she reasonably ought to have known were such.  In this sense, she moved along the road from dupe to deceiver."

The ASC panel has set dates in March and April 2011 for ASC staff and Marcotte to provide submissions on what, if any, orders the panel should make against Marcotte.

A copy of the decision is posted 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

For further information:

For Media Inquiries:  Mark Dickey
  Senior Communications Advisor
  403.297.4481
   
For Investor Inquiries:  ASC Public Inquiries
  Toll Free 1.877.355.4488


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