ASC alleges Saileshwar Rao Narayan, Prospera Mortgage Investment Corporation, Prosperity Development Group Ltd. and Prospera Management Corp. breached Alberta securities laws

CALGARY, June 11, 2015 /CNW/ - Alberta Securities Commission (ASC) staff have issued a Notice of Hearing alleging that Prospera Mortgage Investment Corporation (PMIC) failed to comply with a written undertaking given to the Executive Director of the Commission, made prohibited representations to investors and engaged in illegal trades and distributions of the securities of PMIC.  ASC staff further allege that PMIC, Prospera Management Corp. and Saileshwar Rao Narayan perpetrated a fraud on PMIC investors. 

Also included in the Notice of Hearing are allegations that Prosperity Development Group Ltd. (PDGL) made misleading or untrue statements to investors and that PDGL and Narayan perpetrated a fraud on PDGL investors. 

These allegations have not been proven. 

An appearance to set a date for a hearing will be held on Wednesday, July 8, 2015 at 2 p.m. in the ASC Hearing Room, 5th Floor, 250 – 5th Street 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 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: Mark Dickey, Senior Communications Advisor, 403.297.4481; For Investor Inquiries: ASC Public Inquiries, Toll Free 1.877.355.4488


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