ASC Alleges Illegal Sales by Edmonton-based Trident Properties Ltd.

CALGARY, April 30 /CNW/ - The Alberta Securities Commission (ASC) has issued a Notice of Hearing alleging that Edmonton-based Trident Properties Ltd., Vimal Chandra Iyer and Patricia Frances Marcotte (also known as Patricia Frances Roque) engaged in illegal trading and distribution of securities and made prohibited representations to investors.

ASC staff allege that Trident breached Alberta securities laws by trading and distributing securities without registering with the ASC and filing a prospectus. ASC staff also allege that Marcotte made prohibited and false or misleading statements about the future value of the securities and made false or misleading statements regarding arrangements to develop and sell Trident properties. ASC staff further allege that Iyer authorized, permitted or acquiesced in Marcotte's making of the prohibited representations.

ASC staff allege that between April 2007 and August 2009, Trident illegally raised approximately $6.5 million from 110 investors.

An appearance to set a date for an Edmonton hearing will take place on June 16, 2010, at 12:30 p.m. in the ASC Hearing Room, 600, 300 - 5 Avenue SW, Calgary, Alberta.

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

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: Mark Dickey, Senior Communications Advisor, (403) 297-4481; For Investor Inquiries: ASC Public Inquiries, Toll Free 1-877-355-4488

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