ASC concludes $150,000 settlement with Trident Properties and Vimal Iyer

CALGARY, Dec. 9 /CNW/ - The Alberta Securities Commission (ASC) has received $140,000 from Edmonton-based Trident Properties Ltd. and its chief executive officer Vimal Iyer to settle allegations of illegally distributing securities and making or permitting others to make misrepresentations.

Under the settlement agreement, Trident Properties and Iyer also paid $10,000 for investigation and litigation costs.  Trident Properties agreed to permanently cease trading in all securities and Iyer agreed to cease both trading in securities and acting as an officer or director of any issuer for eight years. 

In the settlement agreement, Trident Properties and Iyer admitted that from 2007 to 2009 Trident Properties sold undivided interests in land without first registering to trade in securities and filing a prospectus and without using an applicable exemption. Trident Properties and Iyer also admitted that Trident Properties' promotional material contained inaccurate representations regarding the location of Trident Properties' lands and the length of time it would take to develop these properties.  Further, Trident Properties' salespeople made prohibited representations regarding the future value of the undivided interests in land, and made inaccurate statements regarding both the pace of development and the existence of agreements to sell the lands.

A copy of the settlement agreement is posted 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


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890