CALGARY, June 8 /CNW/ - The Alberta Securities Commission (ASC) has found
that Sea Sun Capital Corporation and Rodney Koch breached Alberta securities
laws and acted contrary to the public interest by engaging in illegal
distributions of Sea Sun securities. An ASC panel also found that Sea Sun,
Koch and Graham Millington made prohibited representations and
misrepresentations to investors and that Millington failed to ensure proper
oversight of Sea Sun's capital-raising activities.
The panel found that from 2003 to 2007, Sea Sun raised millions of
dollars from investors by selling them investments in a marine tourism
operation without registration or a prospectus, or available exemptions.
Investors have apparently lost some or all of the money they invested.
In its decision, the ASC panel stated that the illegal distribution of
Sea Sun's securities "...reflected a profound, repeated and prolonged
disregard for, or deliberate skirting of...fundamental elements of securities
laws." The panel concluded that "investors were enticed into trades in Sea Sun
securities in part by repeated prohibited, or misleading and untrue,
Written submissions regarding possible sanctions against Sea Sun, Koch
and Millington will be submitted to an ASC panel and, if necessary, the
hearing will be reconvened.
A copy of the Decision is available on the ASC website at
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.
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 1-877-355-0585