CALGARY, July 25 /CNW/ - The Alberta Securities Commission (ASC) has
concluded a settlement with Keystone Real Estate Investment Corp. of Red Deer
and its principals, Ron and Travis Cadman, for making misrepresentations to
the public in promotional material and information seminars, and for acting as
advisors without being registered in accordance with Alberta securities laws.
Keystone Real Estate Investment and the Cadmans paid the ASC $250,000 to
settle the allegations and $10,000 towards costs. The Cadmans also agreed to
resign from all positions as directors or officers and to refrain from
becoming or acting as directors or officers or both of any issuer for a period
of two years.
In the Settlement Agreement, Keystone and the Cadmans admitted that:
- Keystone's advertising included untrue claims with respect to its
history of successful past real estate projects;
- certain offering memoranda used to solicit investments did not
disclose the Cadmans' past bankruptcies as required by Alberta
securities laws; and
- Keystone representatives had held themselves out to the public as
being in the business of providing investment advice when they were
not registered to do so.
A copy of the Settlement Agreement is posted 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 1-877-355-4488