CALGARY, June 18 /CNW/ - The Alberta Securities Commission (ASC) has reciprocated an April 7, 2010 British Columbia Securities Commission (BCSC) Order and permanently banned web-based Genius Funds, also known as Genius Investments, from trading in or purchasing of securities. The ASC panel also permanently banned Genius Funds from 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.
The BCSC panel based its orders on evidence that Genius Funds illegally distributed securities and made misrepresentations regarding rates of return. In issuing its reciprocal orders, the ASC panel, which had received evidence from ASC staff that Genius Funds posted online advertisements on a Calgary classifieds website, noted "the multijurisdictional reach of online marketing operations."
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