ASC alleges former public company Cash Store Financial Services Inc., Gordon Reykdal and Nancy Bland breached Alberta securities laws
16 Nov, 2017, 13:47 ET
CALGARY, Nov. 16, 2017 /CNW/ - The Alberta Securities Commission (ASC) has issued a Notice of Hearing alleging improper financial disclosure by Cash Store Financial Services Inc. (now known as 1511419 Ontario Inc.) (Cash Store), its former chief executive officer Gordon Reykdal and its former chief financial officer Nancy Bland. Cash Store was listed on both Canadian and U.S. stock exchanges until 2014.
The Notice of Hearing states that Cash Store failed to file financial statements prepared according to generally accepted accounting principles. In particular, Cash Store failed to disclose guarantee obligations it owed to certain lenders in its 2011 annual and 2012 interim financial statements, and made false or misleading statements by representing that certain loans were not guaranteed. Cash Store also failed to disclose an appropriate valuation for loans it purchased from these lenders in its interim 2012 financial reports.
The Notice of Hearing also alleges that Reykdal authorized or permitted the violations relating to guarantees to occur, and that Reykdal and Bland authorized or permitted the violation relating to the loan valuation to occur.
The allegations have not been proven.
An appearance to set a date for a hearing will be held on March 14, 2018 at 2:30 p.m. in the ASC Hearing Room on the 5th floor, 250 – 5 Street SW, Calgary, Alberta.
The ASC gratefully acknowledges the assistance of the Ontario Securities Commission in this matter.
A copy of the Notice of Hearing can be found on the ASC website at albertasecurities.com.
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
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