CALGARY, July 21 /CNW/ - The Alberta Securities Commission (ASC) has concluded a settlement with Calgary resident Ali Ghani regarding allegations he was responsible for misleading or untrue statements while promoting investments in a commercial real estate development known as Prism Place.
In the settlement agreement, Ghani admitted to breaching Alberta securities laws when he placed a Prism Place advertisement containing misleading or untrue statements in the November 2009 - January 2010 edition of Uptown Magazine. Ghani also admitted to breaching Alberta securities laws as he was responsible for misleading or untrue statements regarding investment in Prism Place on the Prism Investments website and a sales agent making untrue or misleading statements to potential Prism Place investors.
Under the settlement agreement, Ghani paid the ASC $35,000 to settle the allegations and $2,500 towards costs.
The ASC has withdrawn allegations against Balzac Commercial Campus Ltd. (formerly Prism Investments Ltd.), which was named with Ali Ghani as a respondent in an ASC hearing that was scheduled to start July 22, 2010.
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