CALGARY, Aug. 11, 2016 /CNW/ - The Alberta Securities Commission (ASC) has concluded a Settlement Agreement with Robert Jay Major, Gary Mattison Clements and 1429250 Alberta Ltd. (Major Investments) who have admitted to multiple breaches of Alberta securities laws.
Major, Clements, and Major Investments admitted that from 2009 to 2011, they raised $12 million from at least 100 Albertans who invested in securities of Discovery Bay Games, Inc. and Discovery Bay Games Alberta, Inc. They were not registered with the ASC to trade, deal, or advise in securities, did not file a prospectus, and did not have an exemption from the prospectus requirement. They also made misleading statements to investors, including inadequately describing risks associated with the investments and the commissions paid. In addition, Major admitted to telling an investor that Discovery Bay may be going public without first obtaining permission from the ASC.
Major, a Grande Prairie resident and a director and officer of the Discovery Bay companies, will pay the ASC $135,000 as part of the Settlement Agreement. Clements, also of Grande Prairie and a director of Discovery Bay Games Alberta, will pay the ASC $30,000.
Both men also agreed to various market-access bans, Major for a period of 15 years and Clements for a period of seven years, including:
- trading in or purchasing securities or derivatives (with a limited exception);
- relying on exemptions contained in Alberta securities laws;
- acting as a director or officer of any issuer that relies on exemptions or distributes securities to the public; and
- advising in securities or derivatives.
Major Investments agreed to cease trading in or purchasing any securities or derivatives for 15 years.
A copy of the Settlement Agreement is available on the ASC website at www.albertasecurities.com.
SOURCE Alberta Securities Commission
For further information: For Media Inquiries: Nicole Tuncay, Senior Advisor, Investor Education, 403-297-4008; For Investor Inquiries: ASC Public Inquiries, Toll Free 1-877-355-4488