CALGARY, April 9, 2012 /CNW/ - The Alberta Securities Commission (ASC) has issued a Notice of Hearing outlining admissions of illegal trading and distribution of securities by Westside Land Corporation, David Brezsnyak, West Pointe Park Ltd., Avion Park Ltd., Eastridge Park Ltd., Eastridge Park II Ltd., Tovero Ridge Park Ltd., and Foxcreek Park Ltd. (the Respondents).
In a filed Agreed Statement of Fact, the Respondents have acknowledged that they breached Alberta securities laws by selling undivided interests in land and corporate shares without filing a prospectus or registering with the ASC to trade in securities.
The Agreed Statement of Fact notes that the Respondents cooperated with the ASC investigation and were forthcoming with information. Further, their admissions saved the ASC the time and expense of a hearing to determine if violations of Alberta securities laws had occurred. The Notice of Hearing calls for a determination of what sanctions, if any, should apply to the Respondents in light of these violations of Alberta securities laws.
An appearance to set a date for hearing in Calgary will be held on April 11, 2012 at 4 p.m. in the ASC Hearing Room, 5th floor, 250 - 5th Street SW, Calgary, Alberta.
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 Media Inquiries:
Senior Communications Advisor
For Investor Inquiries:
ASC Public Inquiries
Toll Free 1.877.355.4488