CALGARY, Dec. 17 /CNW/ - The Alberta Securities Commission (ASC) has
found that Nicholas David Reeves violated Alberta securities laws by
illegally distributing securities in Alberta, by making a
misrepresentation to at least one Alberta investor and by perpetrating
a fraud on Alberta investors.
An ASC panel found that "Reeves engaged in the most serious of
securities regulatory misconduct - fraud. Reeves lied to investors,
misappropriated their money intended to be invested as venture capital
in start-up entities and converted that money to his own use."
The ASC panel's findings were based on, among other things, Reeves'
admissions that he converted to his own use the money he received from
at least 10 investors. Reeves also admitted to making a
misrepresentation by promising at least one investor that they would
receive returns of 100 per cent to over 300 per cent per year on their
investment. Reeves further admitted that his actions have caused direct
losses to investors of not less than $500,000.
The ASC panel has set dates in January and February 2011 for ASC staff
and Reeves to provide submissions on what, if any, orders the panel
should make against Reeves.
A copy of the Merits Decision can be found at www.albertasecurities.com.
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
SOURCE Alberta Securities Commission
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