ASC Alleges Calgary-based Businesswoman Illegally Sold Sellars Financial Inc.

CALGARY, March 11 /CNW/ - The Alberta Securities Commission (ASC) has issued a Notice of Hearing alleging that Calgary-based businesswoman Penny Jean Sellars engaged in illegal sales of Sellars Financial Inc. securities to Alberta residents.

ASC Staff allege that between 2006 and 2008, Sellars sold more than $1.2 million worth of "Fixed Rate Term Notes" issued by Sellars Financial Inc. to investors without being registered and without the use of permitted Alberta securities laws exemptions from the registration requirements. ASC Staff also allege that Sellars made prohibited representations to investors by telling them that the notes issued by Sellars Financial Inc. were safe investments, when this was not the case.

An appearance to set a date for a hearing will be held on April 14, 2010 at 12:30 p.m in the ASC Hearing Room, 6th Floor, 300-5th Avenue SW, Calgary, Alberta.

A copy of the Notice of Hearing is available on the ASC website at

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.

SOURCE Alberta Securities Commission

For further information: For further information: For Media Inquiries: Tamera Van Brunt, Director, Communications & Investor Education, (403) 297-2664; For Investor Inquiries: ASC Public Inquiries, Toll Free 1-877-355-4488

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