ASC Finds Hav-Loc Private Wealth Partners Made Misrepresentations

CALGARY, Feb. 8 /CNW/ - The Alberta Securities Commission (ASC) has found that Hav-Loc Private Wealth Partners Inc. and its president and CEO Thierry Gevaert breached Alberta securities laws by making misleading and untrue statements to Alberta investors.

An ASC panel found that Hav-Loc Private Wealth Partners and Gevaert made misleading and untrue statements in Hav-Loc marketing material implying that they conducted objective and diligent investigation into securities they were selling. Instead, for two offerings, Hav-Loc Private Wealth Partners and Gevaert merely relied on a person closely connected to the securities being sold. According to the panel, "This was akin to a car dealership that advertises its mechanical expertise representing to a customer that a used car was in good condition based only on the former owner's word, not on any inspection or assessment by dealership mechanics."

The ASC panel set deadlines for ASC staff, Hav-Loc Private Wealth Partners and Gevaert to provide written submissions on sanctions.

A copy of the decision 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


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