La Terra corporations admit to violating Alberta securities laws

CALGARY, Aug. 10, 2015 /CNW/ - The Alberta Securities Commission (ASC) has concluded a Settlement Agreement with the La Terra corporations, which include: La Terra Ventures Inc., La Terra Mortgage Inc., Discovery Plains Park Limited, and Eagle Ridge Park Limited. 

Under the Settlement Agreement, directors Mariano Giuseppe Serpico and Kevin Gary Allan each paid the ASC $50,000 in settlement and $5,000 for costs.  The La Terra corporations, Serpico and Kevin Allan all agreed to not use any of the exemptions in Alberta securities laws for a period of one year.

The La Terra corporations admitted to selling securities related to land acquisition and development projects without filing a prospectus and without an exemption from that requirement.  La Terra Ventures admitted to trading in securities without being registered, and La Terra Ventures and La Terra Mortgage admitted to acting as a dealer without being registered in accordance with Alberta securities laws. Serpico and Kevin Allan admitted to having authorized, directed or acquiesced to violations of Alberta securities laws by the La Terra corporations. 

ASC staff have also issued a Notice of Hearing alleging that  directors John Carlos Labun and Ryan Scott Allan authorized, directed or acquiesced to violations of Alberta securities laws by the La Terra corporations. 

These allegations have not been proven. 

An appearance to set a date for a hearing will be held on September 14, 2015 at 9:30 a.m. in the ASC Hearing Room, 5th Floor, 250 – 5th Street SW, Calgary, Alberta.

Copies of the Settlement Agreement and Notice of Hearing are 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 Media Inquiries: Mark Dickey, Senior Communications Advisor, 403.297.4481; For Investor Inquiries: ASC Public Inquiries, Toll Free 1.877.355.4488

RELATED LINKS
http://www.albertasecurities.com

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