ASC finds Whitelaw, Harris and Michaud illegally traded securities

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 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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