CALGARY, June 28, 2018 /CNW/ - The Alberta Securities Commission (ASC) has issued a Notice of Hearing naming Lambert (Bert) Joseph Lavallee, Brian Maurice Gibbs, David Malcolm Alexander, North America Frac Sand, Inc. (NAFS) and Seton Securities International Ltd. for breaches of securities laws relating to control and direction over NAFS and trading in its shares. NAFS's securities are quoted for trading on the Over-The-Counter markets in the United States.
ASC staff allege:
- Lavallee and Gibbs secretly directed and controlled operations at NAFS, a company with purported interests in Canadian oil and gas frac sand leases.
- Alexander, a chartered accountant, was publically represented as being in control of the company, but behind the scenes Lavallee and Gibbs handled virtually all of its operations.
- Lavallee also traded in securities of NAFS with material undisclosed information and in breach of an ASC cease trade order.
- Lavallee's trading occurred through an offshore account with Seton, a Bahamian broker that is not registered in the province of Alberta.
The allegations have not been proven.
An appearance to set a date for a hearing will be held on August 13, 2018 at 9:30 am in the ASC Hearing Room on the 5th floor, 250 – 5 Street SW, Calgary, Alberta.
The ASC gratefully acknowledges the assistance of the British Columbia Securities Commission, the Financial and Consumer Affairs Authority (Saskatchewan), the U.S. Securities and Exchange Commission, the Financial Industry Regulatory Authority and the Securities Commission of the Bahamas.
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: Hilary McMeekin, Manager, Communications, 403.592.8186; For Investor Inquiries: ASC Public Inquiries, Toll Free 1.877.355.4488