CALGARY, April 17, 2013 /CNW/ - Alberta Securities Commission (ASC) staff have issued a Notice of Hearing alleging that Patrick Lough, Lynda Davidson, Wayne Barnes and Mountain Shore Land Ventures Ltd. breached Alberta securities laws by illegally distributing shares of Mountain Shore Land Ventures and by making false or misleading statements to potential investors.
ASC staff allege that between February and September 2011, the named parties raised approximately $2.9 million from 23 investors in connection with a proposed real estate development near Pigeon Lake, Alberta without filing a prospectus or exempt distribution reports with the ASC as required under Alberta securities laws.
An appearance to set a date for hearing in Calgary will be held on May 6, 2013 at 3 p.m. in the ASC Hearing Room, 6th floor, 300 - 5th Avenue SW, Calgary, Alberta.
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
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