CALGARY, Sept. 7 /CNW/ - The Alberta Securities Commission (ASC) has
scheduled a hearing for Thursday, October 11, 2007, regarding the conduct of
Calgary resident Brian Paul Kuhn. The hearing will be conducted under the
reciprocal enforcement provisions of the Alberta Securities Act and will
relate to Kuhn's 10 convictions in a Cayman Islands criminal court for theft
of investors' funds.
On September 3, 2003, Kuhn was sentenced to three years in a Cayman
Islands prison in relation to the sale of securities to investors in which he
raised almost $3 million between April 2002 and May 2003. Kuhn told investors
that their funds would be invested in an established US company that generated
profit by buying medical receivables at a discounted rate and then collecting
the full amount of the receivables at a later date. However, approximately
$2 million of those funds were spent by Kuhn to cover personal expenses or
were forwarded to other companies he owned.
ASC Staff allege that Kuhn should be removed from the capital markets as
he poses a serious risk to investors and all market participants.
A copy of the Notice of Hearing outlining the allegations in their
entirety 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.
For further information:
For further information: For Media Inquiries: Mark Dickey, Senior
Communications Advisor, (403) 297-4481; For Investor Inquiries: ASC Public
Inquiries, (403) 297-4296, Toll Free 1-877-355-4488