CALGARY, Aug. 6 /CNW/ - The Alberta Securities Commission (ASC) has issued a Notice of Hearing concerning Olds resident Richard Sayler alleging he illegally traded in and distributed Reveal.ca Inc. securities and made prohibited representations to Alberta investors.
In the Notice of Hearing, ASC staff allege that Sayler, as president of Reveal.ca, breached Alberta securities laws by trading in and distributing Reveal.ca securities without registration, filing a prospectus or the use of an applicable exemption. ASC staff also allege Sayler made prohibited representations to potential investors that Reveal.ca securities would be listed on an exchange. ASC staff allege that between 2001 and 2008, Sayler raised approximately $2.4 million from approximately 250 investors, mostly Alberta residents.
An appearance to set a date for hearing in Calgary will be held on September 8, 2010 at 2:30 p.m. in the ASC Hearing Room, 6th floor, 300 - 5th Avenue 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 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