CALGARY, Oct. 2, 2013 /CNW/ - The Alberta Securities Commission (ASC)
has concluded a settlement agreement with Ontario-resident Ward
Chambers and his company Advanced Investor Intelligence, Inc. The
settlement is in connection to an ASC investigation into the alleged
fraud and misrepresentations by Lawrence Zeiben and his companies Grit
International Inc. and Texas Petroleum Inc.
Under the terms of the settlement, Chambers admitted he caused Advanced
Investor Intelligence to make multiple statements about Grit
International and Texas Petroleum that he ought to have known were
misleading. Chambers further admitted that these statements were
provided to him by Zeiben and that he did not perform adequate due
diligence to determine if the statements were accurate before repeating
them to potential investors. Chambers also states that when he learned
the statements from Zeiben were misleading he removed them from the
Advanced Investor Intelligence website.
Under the Settlement Agreement Chambers agrees to permanently refrain
from advising in securities or disseminating information about
securities to the public.
A copy of the Settlement Agreement and Notice of Hearing can be found 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
SOURCE: Alberta Securities Commission
For further information:
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Senior Communications Advisor
For Investor Inquiries:
ASC Public Inquiries
Toll Free 1.877.355.4488