ASC reciprocates bans against Luc Castiglioni, CPLC Limited Partnership and CPLC Management Group

CALGARY, May 12 /CNW/ - The Alberta Securities Commission (ASC) has reciprocated a British Columbia Securities Commission (BCSC) decision and issued bans against Luc Castiglioni, CPLC Limited Partnership and CPLC Management Group Ltd.

An ASC panel has ordered that Castiglioni, CPLC Limited Partnership and CPLC Management Group be permanently banned from: trading in or purchasing securities; becoming or acting as a registrant, investment fund manager or promoter; and disseminating to the public any oral or written communications, by or on behalf of any issuer, that promote or reasonably could be expected to promote the purchase or sale of securities of such issuer. In addition, the ASC panel ordered that Castiglioni be permanently banned from acting as a director or officer of any issuer and from acting in a management or consultative capacity in connection with securities market activities. All trading in or purchasing of CPLC Limited Partnership and CPLC Management Group securities must also permanently cease.

According to the January 31, 2011 BCSC decision, Castiglioni, as sole directing mind of CPLC Limited Partnership and CPLC Management Group, used these entities to raise $8.2 million from investors in British Columbia, Alberta, the United States and Europe. A BCSC panel found that Castiglioni gave false and misleading information to BCSC staff and authorized untrue representations to investors regarding CPLC Management Group's registration status. The BCSC panel also found that Castiglioni perpetrated a fraud when he provided false or misleading information to investors and did not use investors' funds in the manner in which they were told the funds would be used.

A copy of the ASC panel's 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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