ASC Seeks Bans Against Cyprus-based Genius Funds

CALGARY, May 14 /CNW/ - The Alberta Securities Commission (ASC) is seeking to reciprocate orders imposed by the British Columbia Securities Commission (BCSC) against Genius Funds, also known as Genius Investments.

On April 7, 2010, the BCSC ordered that Genius Funds permanently cease trading in securities and engaging in any investor relations activities. The BCSC panel based these orders on evidence that Genius Funds engaged in an illegal distribution of securities and made misrepresentations regarding offered rates of return.

ASC staff allege that Genius Funds illegally solicited investments from Alberta residents.

It is anticipated that the ASC panel will consider this application in July 2010.

A copy of the Notice of Hearing 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 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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