CALGARY, Feb. 7, 2017 /CNW/ - The Alberta Securities Commission (ASC) has found that six Respondents – Ferlyn Robert John Chmelyk, Blackbridge Financial Inc., 1735560 Alberta Ltd., 1735563 Alberta Ltd., 1751886 Alberta Ltd., and Studio 33 Inc. (formerly 1751889 Alberta Ltd.) – breached Alberta securities laws.
An ASC panel ruled that:
- Chmelyk and Blackbridge illegally traded and distributed securities and made materially untrue statements to investors;
- Chmelyk, 560, 563 and 886 illegally distributed securities;
- 563 and 889 failed to file exempt-distribution reports; and
- Chmelyk authorized, permitted or acquiesced in the corporate Respondents' contraventions of Alberta securities laws.
The ASC panel dismissed certain other allegations, including allegations against Cerezo Developments Inc.
The proceeding will now move into a second phase for the determination of what, if any, sanction and cost-recovery orders ought to be made, and Staff and the Respondents have until February 22, 2017 to provide their views on a timetable for the delivery and hearing of evidence and submissions on this issue.
A copy of the decision is available 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 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 Media Inquiries: Nicole Tuncay, Senior Communications Advisor, 403.297.4008; For Investor Inquiries: ASC Public Inquiries, Toll Free 1.877.355.4488