ASC Permanently Bans Four Operators of Ponzi Scheme

CALGARY, May 26 /CNW/ - The Alberta Securities Commission (ASC) has reciprocated British Columbia Securities Commission (BCSC) orders and issued similar permanent bans against Manna Trading Corp. Ltd., Manna Humanitarian Foundation, Legacy Capital Inc., Legacy Trust Inc., Hal (Mick) Allan McLeod, David John Vaughan, Kenneth Robert McMordie (also known as Byrun Fox) and Dianne Sharon Rosiek.

In an August 4, 2009 decision, the BCSC found that the named parties - operators of a Ponzi scheme in which more than 800 investors in British Columbia and elsewhere lost at least US$10.4 million - contravened British Columbia securities laws. In its reciprocal decision, an ASC panel noted: "According to the evidence before us, Albertans were among those who invested in the Ponzi scheme."

The ASC panel, in its reciprocal decision, ordered that:

    
      -  the named parties permanently cease trading in or purchasing
         securities or exchange contracts;
      -  all trading in or purchasing of Manna Trading Corp., Manna
         Humanitarian Foundation, Legacy Capital, and Legacy Trust securities
         permanently cease;
      -  McLeod, Vaughan, McMordie and Rosiek are permanently prohibited from
         becoming or acting as a director or officer of any issuer,
         registrant or investment fund manager;
      -  McLeod, Vaughan, McMordie and Rosiek are permanently prohibited from
         becoming or acting as a registrant, investment fund manager or
         promoter;
      -  McLeod, Vaughan, McMordie and Rosiek are permanently prohibited from
         acting in a management or consultative capacity in connection with
         securities market activities; and
      -  McLeod, Vaughan, McMordie and Rosiek are permanently prohibited from
         disseminating to the public any oral or written communications, by
         or on behalf of any issuer, that promote the purchase or sale of
         such issuer's securities.
    

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


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890