CALGARY, Oct. 29 /CNW/ - The Alberta Securities Commission (ASC) has issued a Notice of Hearing alleging that Calgary-based The Hear Now Incorporated, Simon Wilby, Gerard Besaw and Michael Sirman engaged in illegal sales of The Hear Now Incorporated securities to Alberta residents.
ASC staff allege that from 2006 to 2008, The Hear Now Incorporated, Wilby, Besaw and Sirman illegally raised over $7 million dollars from Alberta investors by inducing investors to indirectly invest in the specialty pet product company through investment clubs, which were not compliant with Alberta securities laws. ASC staff also allege that the parties noted above made misrepresentations and prohibited representations to Alberta investors by stating investors could expect to receive a 119 per cent return on their investment by the end of 2008.
An appearance to set a date for hearing in Calgary will held on December 10, 2009, at 8:30 a.m. in the ASC Hearing Room, 6th Floor, 300 - 5th Street 5th Avenue SW, Calgary, Alberta.
A sopy of the Notice of Hearing is availible 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,