CALGARY, Oct. 11 /CNW/ - The Alberta Securities Commission (ASC) has
ordered Edmonton-area businessman George Amyotte to pay $139,000 and Atlas
Communications Inc. to pay $14,000 in administrative penalties and costs to
the ASC. In addition, the ASC panel ordered that Amyotte be permanently barred
from using Alberta securities law exemptions and is prohibited for 20 years
from trading and from being a director or an officer of an issuer. The panel
also permanently prohibited the trade of Atlas securities.
On May 9, 2007, an ASC panel ruled that Amyotte engaged in an illegal
distribution of Atlas shares and made prohibited representations and
misrepresentations to investors. The panel found that Amyotte, Atlas and
others raised approximately $2,000,000 from Albertans through the sale of
In its decision, the panel noted that Amyotte "deprived Alberta investors
of the protections they are meant to have under Alberta securities laws.
Investors were induced to invest on the basis of misrepresentations and
prohibited representations." The panel concluded that significant sanctions
were required because the "integrity of the Alberta capital market,
particularly the system for raising capital through exemptions, was abused and
misused. This amounted to an assault on the integrity of the capital market
and confidence therein."
A copy of the decision in its entirety is posted 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: Tamera Van Brunt,
Director, Communications and Investor Education, (403) 297-2664; For Investor
Inquiries: ASC Public Inquiries, (403) 297-4296, Toll Free 1-877-355-4488