CALGARY, Feb. 15 /CNW/ - The Alberta Securities Commission (ASC) has
found that Paul Charles Whitelaw, Planned Legacies Inc. and David
Edward Harris violated Alberta securities laws by illegally trading in
and distributing Planned Legacies securities. An ASC panel also found
that Whitelaw and Planned Legacies made untrue statements to investors
about a "protection mechanism" designed to secure their investment.
Further, the ASC panel concluded that Righthedge Chrono-Logic Limited
Partnership, Righthedge Investments Inc., Righthedge Investments, LLC
and Francois Michaud, doing business as Righthedge Investments and
Francois Michaud, illegally traded in and distributed Righthedge
Chrono-Logic, Limited Partnership securities.
Between April 2007 and November 2008, Planned Legacies raised over $7
million from more than 30 investors and then placed those funds with
Michaud and the Righthedge entities, ostensibly to be invested in
foreign currency trading. Whitelaw, Harris and Planned Legacies told
investors, among other things, they would receive a three per cent
return per month on their investment. The panel found: "There is no
evidence that there was an active foreign currency trading program…"
Planned Legacies sent investors' funds to Righthedge Fund offshore
accounts in the West Indies, Lithuania and Denmark. After receiving
limited returns from Michaud and the Righthedge entities, Planned
Legacies ceased payments to investors and did not return most of the
principal investment. The whereabouts of Michaud and the investors' $7
million are unknown.
The ASC panel noted that despite investing in excess of $7 million,
Planned Legacies and Whitelaw "received no regular reporting" or
"regular accounting" of the investment with Michaud and the Righthedge
entities. The panel noted: "This is unacceptable behaviour from a
manager of other people's money."
A copy of the decision is 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
SOURCE Alberta Securities Commission
For further information:
|For Media Inquiries: ||Mark Dickey|
Senior Communications Advisor
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|For Investor Inquiries: ||ASC Public Inquiries|
Toll Free 1.877.355.4488