CALGARY, May 28 /CNW/ - The Alberta Securities Commission (ASC) has issued a Notice of Hearing alleging that Planned Legacies Inc., Paul Charles Whitelaw, Redeeming Health Inc., and David Edward Harris engaged in illegal trades and distributions of Planned Legacies Inc. securities to Alberta residents. ASC staff allege that from April 2007 to April 2009, Planned Legacies Inc. illegally raised more than $7 million from 33 investors, 27 of whom were Albertans. ASC staff allege that the money raised was paid to an entity called RightHedge Chrono-Logic Fund, Limited Partnership for investment in foreign exchange currency trading.
ASC staff also allege that RightHedge Investments, Inc., its sister companies and their principal Francois Michaud engaged in illegal trades and distributions of RightHedge Chrono-Logic Fund, Limited Partnership securities.
In the Notice of Hearing ASC staff further allege that Planned Legacies Inc. and Whitelaw made misrepresentations to investors about having a "protection mechanism" to return investors' money if Righthedge defaulted, and Whitelaw and Harris are each alleged to have acted as investment advisors in Alberta without being registered to do so.
An appearance to set a date for a hearing will be held at 2 p.m. on July 14, 2010 in the ASC hearing room, 6th Floor, 300 - 5 Avenue SW, Calgary, Alberta.
A copy of the Notice of Hearing can be found 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 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