CALGARY, June 23, 2014 /CNW/ - Alberta Securities Commission (ASC) staff
have issued a notice of hearing alleging Neil Chandran and Energy TV
Inc. perpetrated a fraud, and along with Chandran Holding Media Inc.,
raised $56 million by engaging in illegal trades and distributions.
ASC staff allege the fraud occurred when Chandran and Energy TV told
investors they were going to promote and stage a boxing match in Las
Vegas. The event never took place. Instead, ASC staff allege that
Chandran and Energy TV used investor's funds to pay the company's
operating expenses. ASC staff also allege that Chandran and his
companies raised more than $56 million by engaging in illegal trades
and distributions, and made prohibited representations when they told
investors they would receive a refund.
The allegations have not been proven.
An appearance to set a date for a hearing will be held on July 17, 2014
at 9 a.m. in the ASC Hearing Room, 5th Floor, 250 - 5th Street SW, Calgary, Alberta.
A copy of the Notice of Hearing 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:
Senior Communications Advisor
For Investor Inquiries:
ASC Public Inquiries
Toll Free 1.877.355.4488