CALGARY, June 17, 2016 /CNW/ - The Alberta Securities Commission (ASC) has issued an Interim Order against Craig Douglas McMorran, Sweetwater Lake Village Limited Partnership, Sweetwater Lake Village (Parcel 2) Limited Partnership, Parcel 4 Sweetwater Development Group Ltd. and Parcel 2 Sweetwater Development Group Ltd.
The Interim Order prohibits all trading in securities of the named entities. McMorran and the named entities are also ordered to cease trading in all securities and are prohibited from using Alberta securities laws exemptions. An ASC panel considered it to be in the public interest to issue the Interim Order. ASC staff and the named parties consented to the Order.
The Interim Order is in effect until July 6, 2016, unless otherwise ordered.
Anyone who has been contacted by or on behalf of any of the named parties is asked to contact the ASC Public Inquiries Office at 403-355-4151 or 1-877-355-4488. Investors are cautioned against sending money to any of the named parties while the Interim Order is in place.
In addition to the Interim Order, the ASC has also received an Undertaking from Dorsia Designs Inc. in which the company agreed to cease taking "any steps in furtherance of trades in the securities of Parcel 2 Sweetwater Development Group Ltd., Sweetwater Lake Village (Parcel 2) Limited Partnership or any other entity raising funds for a development in British Columbia referred to as Sweetwater Lake Village at Koocanusa, Sweetwater Resort or Lake Resort on the Koocanusa Lake." Dorsia Designs also agreed to remove internet advertisements it had posted soliciting investments in the Lake Resort on Koocanusa Lake and to refrain from posting similar advertisements on the internet or any other medium.
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