CALGARY, Nov. 6, 2015 /CNW/ - The Alberta Securities Commission (ASC) has found that Ryan Scott Allan and John Carlos Labun each authorized, permitted or acquiesced in contraventions of Alberta securities laws by La Terra Ventures Inc., La Terra Mortgage Inc., Discovery Plains Park Limited and Eagle Ridge Park Limited, and that in so doing Allan and Labun each also acted contrary to the public interest. These findings are consistent with admissions made by Allan and Labun.
As a result, an ASC panel ordered that both Allan and Labun are denied the use of exemptions under Alberta securities laws for one year (with a limited exception), and each must pay an administrative penalty of $50,000 and investigation costs of $5,000.
In an August 2015 settlement agreement with ASC staff, the named corporations admitted to, among other things, illegally distributing securities related to land purchase projects.
A copy of this decision and of the settlement agreement 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 with fostering a fair and efficient capital market in Alberta and with protecting 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 Media Inquiries: Mark Dickey, Senior Communications Advisor, 403.297.4481; For Investor Inquiries: ASC Public Inquiries, Toll Free 1.877.355.4488