CALGARY, June 21 /CNW/ - The Alberta Securities Commission (ASC) has reciprocated a British Columbia Securities Commission (BCSC) order and permanently banned Cem Ali from:
- trading in securities;
- becoming or acting as a director or officer of any issuer;
- becoming or acting as a registrant, investment fund manager or
- acting in a management or consultative capacity in connection with
activities in the securities market; and
- disseminating to the public any oral or written communications, by or
on behalf of any issuer, that promote or reasonably could be expected
to promote the purchase or sale of securities of such issuer.
In a December 14, 2009 BCSC settlement agreement, Ali acknowledged that he illegally traded and distributed Horizon FX Investments Limited Partnership securities to more than 950 investors, raising approximately US $34 million. ASC staff presented evidence to an ASC panel that Ali was active in the Alberta market in July 2007. The ASC panel noted that "protection of Alberta investors and the Alberta capital market warrants orders reciprocating those made in the BCSC Order."
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 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