CALGARY, May 28 /CNW/ - The Alberta Securities Commission (ASC) has found that 1205676 Alberta Ltd., operating as Front Row Tickets, 660648 Alberta Ltd., operating as S&I Holdings and S&I Holdings (Ticket Today), Windy Ridge Investments Ltd., Jason Allan Hunt, Sam Sakai Tamura, Anthony Pittarelli, Giovanna Campanelli-Pittarelli, Robert Claire Pilling, Daniel Neil McLeod, Jamie Craig Creason and Jimmy Ross Creason illegally distributed Front Row Tickets securities. An ASC panel also determined that Pilling and McLeod made misrepresentations to investors in connection with the distribution of Front Row Tickets securities.
In its decision, the ASC panel conservatively estimated that at least $15 million was raised in the distribution of Front Row Tickets securities to investors in Alberta and elsewhere between 2005 and 2007. The ASC panel determined: "In the absence of registrant involvement and a prospectus, the investing public was put at risk of making ill-advised, uninformed investment decisions, which in turn put in jeopardy the integrity of the Alberta capital market."
The ASC panel also found that Pilling and McLeod made misrepresentations to investors by stating that Front Row Tickets securities were "guaranteed", when they knew, or reasonably ought to have known that such statements were misleading or untrue.
ASC staff and the named parties may now provide submissions to the ASC panel regarding possible sanctions in this case. Once all parties have provided their submissions, the ASC panel will decide what, if any, sanctions ought to be ordered.
A copy of the decision is posted on the ASC website at www.albertasecurites.com.
The ASC is the regulatory agency responsible for administering the province's securities laws. It is entrusted with fostering a fair and efficient capital market in Alberta and with protecting 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