Alberta Court of Appeal Upholds ASC Decision Against Grossman

    CALGARY, May 14 /CNW/ - The Alberta Court of Appeal has upheld Alberta
Securities Commission (ASC) decisions and sanctions against Toronto
businessman Al Grossman (also known as Abraham Herbert Grossman and Allen
Grossman) and Maitland Capital Ltd. related to illegal trades and
distributions of Petroleum Unlimited securities.
    In June 2007, an ASC panel found that between September 2004 and January
2006, Grossman and other Maitland Capital salespersons raised approximately
$2.7 million from over 500 Alberta investors - even though Grossman and the
other salespersons were not registered to trade in securities. The ASC panel
also determined that Grossman made misrepresentations to Maitland Capital
investors, made false statements to an ASC investigator and permitted or
encouraged a Maitland Capital salesperson to engage in an unfair practice.
    In November 2007, the ASC panel banned Grossman from trading in
securities, using Alberta securities laws exemptions or acting as a director
or officer of any issuer for 20 years. The panel also ordered Grossman to pay
an administrative penalty of $250,000 and $40,000 in costs. Maitland Capital
was ordered to pay $15,000 in costs and prohibited from trading in securities
until the ASC issued a receipt for a prospectus.
    Copies of the June 7, 2007 decision and November 6, 2007 decision are
available on the ASC website at Written reasons for
the Court of Appeal decision will be posted when available.

    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 markets.

For further information:

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

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