CALGARY, May 13, 2013 /CNW/ - The Alberta Securities Commission (ASC)
has found that Dedric Joseph Robinson, LibertyGate Investment Corp., D. Robinson & Associates Inc. and Allan
Dwayne Holomey breached Alberta securities laws and acted contrary to
the public interest through their conduct relating to sales of
LibertyGate Investment and D. Robinson & Associates securities.
An ASC panel ruled that the named parties engaged in illegal trades and
distributions of these securities in Alberta by selling them without
registration, a prospectus or a valid exemption. The ASC panel also
ruled that LibertyGate Investment and D. Robinson & Associates failed
to file reports with the ASC of exempt distributions to investors and
that Robinson bears responsibility for those breaches.
The ASC panel noted that investors signed agreements to buy securities
when they did not meet the exemption criteria. The ASC panel found
that the "seller of securities ultimately bears the burden of ensuring
compliance with Alberta securities laws - including the applicability
of exemptions. However, we think it appropriate to emphasize that
investors, before signing any document, bear a responsibility to read
and understand that document to ensure that all statements in that
document are true." The decision noted that between July 2007 and July
2008, LibertyGate Investment and D. Robinson & Associates raised
approximately $4.8 million through 96 investments, at least 86 of which
were made by Alberta residents.
The ASC panel has set dates in June and July for ASC staff and the named
parties to provide submissions on what, if any, orders for sanctions
and costs the panel ought to make.
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
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