ASC Imposes 10-Year Market Bans Against Calgary Businessman

    CALGARY, Jan. 22 /CNW/ - The Alberta Securities Commission (ASC) imposed
market bans and an administrative penalty against Calgary businessman Daren
Broers for his role in the illegal distributions of Mortgage 1 Corporation
securities. An ASC panel ordered Broers to pay an administrative penalty of
$40,000 and $10,000 in costs and issued 10-year cease-trade,
denial-of-exemptions, and director-and-officer bans against Broers.
    The ASC panel found that Broers, a senior officer and director of
Mortgage 1 Corporation, was an active participant in the illegal distributions
of Mortgage 1 Corporation securities that raised over $700,000 from at least
52 Alberta residents between February and June 2005. The panel also found that
Broers acted contrary to the public interest when he certified inaccurate
disclosure contained in reports filed with the ASC.
    In its decision, the panel noted Broers' argument that he had little
prior experience with the legal requirements involved in securities
distributions and that he trusted others in respect to compliance with Alberta
securities laws. However, in response, the panel emphasized that "everyone
trading or distributing securities has a responsibility to ensure, to a
greater or lesser degree, that the activity is conducted in accordance with
the Act and consistent with the public interest."
    A copy of this decision can be found on the ASC website 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.

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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