CALGARY, June 11, 2014 /CNW/ - Neil Andrew McDonald pled guilty on June
9, 2014 to three counts of fraud in the Provincial Court of Alberta.
He also pled guilty to making misrepresentations to investors and to
breaching a Settlement Agreement with the Alberta Securities Commission
(ASC). The ASC charged McDonald with these offences in Provincial
Court in October 2012.
When making these pleas, McDonald admitted that he had taken funds from
three investors on the basis he would use the money to purchase
securities in real estate investments connected to Edgeworth Properties
Inc. Instead, he put the investors' money into an account he
controlled and used the funds for personal purposes. McDonald also
admitted to making misrepresentations when he told investors that he
was authorized to sell Edgeworth Properties securities and that such
securities were protected by deposit insurance. Further, McDonald
admitted that his purported sale of securities to the three investors
violated undertakings he made to the ASC in September 2010 to refrain
from acting as a registrant or investment adviser and to otherwise
cease trading in securities.
Provincial Court Judge Van de Veen ordered a pre-sentence report and a
"psychological/psychiatric" assessment of McDonald.
The sentencing hearing is scheduled for October 31, 2014.
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
SOURCE: Alberta Securities Commission
For further information:
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Senior Communications Advisor
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Toll Free 1.877.355.4488