CALGARY, May 28, 2013 /CNW/ - The Alberta Securities Commission (ASC)
has sanctioned Calgary-based businessman Victor George DeLaet for
committing fraud against investors relating to the sale of securities
of the Focused Life Group of Companies. The ASC panel also sanctioned
DeLaet and Stanley Kenneth Gitzel for making or permitting misleading
or untrue statements to investors relating to the same securities.
Under the decision, the ASC panel ordered:
DeLaet be permanently banned from trading in or purchasing any
securities or exchange contracts, the use of all Alberta securities
laws exemptions, and acting as a director or officer of any issuer;
DeLaet pay an administrative penalty of $1.5 million and investigation
and hearing costs of $40,000;
Gitzel be banned from trading in or purchasing any securities or
exchange contracts for five years, and the use of all Alberta
securities laws exemptions and acting as a director or officer of any
issuer for 10 years (with limited exceptions); and
Gitzel pay an administrative penalty of $75,000 and investigation and
hearing costs of $5,000.
The ASC panel ruled that for his key role in the misconduct and his
failure to acknowledge the seriousness of his actions, DeLaet "presents
a clear, current and continuing threat to investors and the capital
market - and that, unless tightly and permanently constrained, he would
remain a danger."
The ASC panel found that of the $47 million raised by the Focused Life
Group of Companies, $35 million was raised via four documents that
contained misleading or untrue statements.
A copy of the decision is 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 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:
For Media Inquiries:
Senior Communications Advisor
For Investor Inquiries:
ASC Public Inquiries
Toll Free 1-877-355-4488