ASC Sanctions Wheatfield Inc. and Gordon Goodbrand

CALGARY, Dec. 15 /CNW/ - The Alberta Securities Commission (ASC) has ordered sanctions against Calgary-based Wheatfield Inc. and its president and sole director Gordon Goodbrand. Based on the joint submissions of Wheatfield, Goodbrand and ASC staff, an ASC panel found that between 2004 and 2007, Wheatfield and Goodbrand illegally sold securities to approximately 35 people, including at least 10 Albertans. These illegal sales raised as much as US$1.1 million.

In its decision, the ASC panel noted that "investors apparently received little, if any, return and none of their principal invested" and that "investors - both these investors specifically and investors in general - are harmed by every incidence of illegal trades and distributions." The ASC panel ordered that:

    
    -   Wheatfield must permanently cease trading in or purchasing
        securities, and all trading in or purchasing of Wheatfield securities
        must cease permanently;
    -   Goodbrand is banned from trading in or purchasing securities, using
        Alberta securities laws exemptions and acting as a director or
        officer of any issuer for five years; and
    -   Goodbrand must pay an administrative penalty of $75,000 and costs of
        $7,866.85.
    

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


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