ASC alleges Nicholas David Reeves illegally sold securities to Alberta

CALGARY, June 24 /CNW/ - The Alberta Securities Commission (ASC) has issued a Notice of Hearing against Calgary resident Nicholas David Reeves alleging he engaged in prohibited transactions, made prohibited representations, engaged in illegal distributions of securities and acted as an adviser and investment fund manager without being properly registered to do so under Alberta securities laws.

In the Notice of Hearing, ASC staff allege that Reeves violated Alberta securities laws by selling various securities to investors in Alberta and elsewhere and keeping the investment proceeds for his own use. ASC staff also allege that Reeves made several prohibited representations while selling securities to Alberta investors, such as promising returns of 100 per cent to over 300 per cent per year.

An appearance to set a date for a hearing will be held on August 11, 2010 at 2 p.m. in the ASC Hearing Room on the 6th Floor, 300 - 5th Avenue S.W., Calgary, Alberta.

A copy of the Notice of Hearing can be found 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: Mark Dickey, Senior Communications Advisor, 403.297.4481; For Investor Inquiries: ASC Public Inquiries, Toll Free 1.877.355.4488

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