CALGARY, Feb. 11 /CNW/ - The Alberta Securities Commission (ASC) has
imposed a five-year cease trade, denial of exemptions and director or officer
ban against Edmonton area businessman Lambert "Bert" Lavallee for his role in
the illegal distribution of KCP Innovative Services Inc. securities. The ASC
panel also ordered Lavallee to pay an administrative penalty of $20,000 and
$10,000 in costs.
In an earlier decision, an ASC panel had found that Lavallee, a founder
and significant shareholder of KCP, was an active participant in the illegal
distribution of KCP shares that raised roughly $1.5 million from at least
107 Alberta residents between January and September of 2004. The panel
determined that Lavallee "abused the accredited investor exemption and, in so
doing, participated actively in illegal distributions." The panel noted that
Lavallee "capitalized on the willingness of investors to be a party to that
abuse and to hand over their money without benefit of the protections they
should have been afforded under Alberta securities laws."
The ASC panel concluded, "unless sanctioned, Lavallee would pose a
continuing risk to Alberta investors and the capital market."
A copy of the first and second part of this decision in its entirety are
posted on the ASC website 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 markets.
For further information:
For further information: For Media Inquiries: Mark Dickey, Senior
Communications Advisor, (403) 297-4481, firstname.lastname@example.org; For Investor
Inquiries: ASC Public Inquiries, Toll Free 1-877-355-4488