CALGARY, Jan. 6, 2014 /CNW/ - The Alberta Securities Commission has
found Alberta businessman Ronald Theodore Cloutier and his companies,
Venture Contractors Ltd., Viva Communications Ltd., Sunterra Resource
Audit Equipment Ltd., and Sunterra Seismic Inc., engaged in a course of
conduct that perpetrated a fraud on investors, illegally traded and
distributed securities and made misleading and untrue statements to
An ASC panel also ruled that Cloutier, Venture and Viva made prohibited
representations and engaged in the unfair practice of pressuring
investors, and that Cloutier beached an ASC Interim Cease Trade Order
issued against him and his companies. The ASC panel found all such
conduct to be contrary to the public interest.
In handing down its decision the ASC panel ruled: "We find that the
Respondents engaged in prohibited acts - deceit, falsehoods or other
fraudulent means" and that "it is clear from the evidence before us
that [investors] sustained actual financial losses as a result of the
Respondents' prohibited acts."
The ASC panel has set dates in January, February and March 2014 for ASC
staff and the named parties to provide submissions on what, if any,
orders for sanctions and costs ought to be made.
A copy of the decision on can be found 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
SOURCE: Alberta Securities Commission
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