ASC Orders Market Ban and $181,500 in Sanctions and Costs For Euston Capital Case

    CALGARY, June 4 /CNW/ - The Alberta Securities Commission (ASC) has
sanctioned Euston Capital Corp. (Euston Capital), its president George
Schwartz, as well as salespersons Harry Gray, Bill Tevruchte, Carlos Carvao,
Brent Madinger, Peter Robinson and Jackie Thomas for their involvement in
illegally distributing securities and for making prohibited representations to
Alberta investors. The sanctions follow a February 14, 2007 Panel decision
that found Euston Capital, and the above individuals, breached the Alberta
Securities Act when Euston Capital raised $1.4 million from 314 Alberta
    An ASC panel ordered that Euston Capital pay $10,000 in costs and cease
trading in or purchasing securities until it has filed a prospectus with the
Commission. Euston Capital president George Schwartz was ordered to pay
$70,000 in penalties and costs and is prohibited from trading in or purchasing
securities (with exceptions) for 10 years. He is also prohibited from acting
as a director or officer of any issuer for 10 years. The other Respondents
were ordered to pay a total of $101,500 in administrative penalties and costs
and to cease trading in or purchasing securities for terms ranging from three
to five years.
    In ordering these sanctions, the panel noted a clear message must be
sent, " those who enjoy access to our capital market that there are
serious consequences should they fail to comply strictly with the rules that
permit them the privilege of access to the market."
    A copy of the 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: 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

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