CALGARY, Aug. 4 /CNW/ - The Alberta Securities Commission (ASC) has issued an Interim Cease Trade Order against Edmonton businessman Ronald Theodore Cloutier and a number of companies owned and controlled by Cloutier, namely Venture Contractors Ltd., Viva Communications Ltd., Sunterra Resource Audit Equipment Ltd., and Sunterra Seismic Inc. The order was based on allegations that Cloutier and his companies were illegally selling securities to Alberta investors.
The interim order is in effect for 15 days and prohibits all trading in securities issued by Cloutier and his companies. The order also prohibits Cloutier and his companies from trading in all securities or using any Alberta securities laws exemptions. An ASC panel issued the Interim Cease Trade Order after hearing evidence from ASC staff that Cloutier and his companies traded and distributed securities without the use of a prospectus or applicable exemption.
ASC Staff are continuing their investigation into this matter. Anyone who has been contacted by someone from or on behalf of Ronald Theodore Cloutier, Venture Contractors Ltd., Viva Communications Ltd., Sunterra Resource Audit Equipment Ltd., and Sunterra Seismic Inc. is asked to contact the ASC Public Inquiries Office at 403-355-4151 or 1-877-355-4488. Investors are cautioned against sending money to any of the above while the Interim Cease Trade Order and any extended Interim Cease Trade Order is in place.
The next appearance has been scheduled for 9:00 a.m. on August 18, 2010 in the ASC hearing room on the 6th floor, 300 - 5th Ave. SW, Calgary, Alberta. At that time, an ASC panel will consider whether to extend the interim order.
A copy of the Interim Cease Trade Order can be found on the ASC website at www.albertasecurities.com. A copy of the Notice of Hearing outlining the allegations will be posted on the ASC website once available.
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: Lorinda Brinton, Senior Advisor, Investor Education, 403.297.2665; For Investor Inquiries: ASC Public Inquiries, Toll Free 1.877.355.4488