CALGARY, Aug. 7, 2012 /CNW/ - The Alberta Securities Commission (ASC) has ordered Meena Singh to pay an administrative penalty of $20,000 for attempting to conceal or withhold information from ASC staff that was reasonably required for an ASC investigation. The investigation involved restated interim financial statements of Genesis Land Development Corp. Meena Singh has also been ordered to pay investigative and hearing costs of $7,000.
In ordering the administrative penalty, the ASC panel ruled "we perceive a compelling need for general deterrence, which argues for meaningful sanction. Others finding themselves in similar situations must be strongly dissuaded from lying to or misleading Staff because those who do not answer Staff's questions truthfully put at risk the integrity, efficiency and effectiveness of Staff's investigations in pursuit of the Commission's statutory mandate to protect the investing public. We wish to impress on individuals who are being questioned by Staff that concealing or withholding information, or attempting to do so, will not be tolerated and that such behaviour will attract serious consequences. It is expected that individuals being questioned by Staff will be frank and honest in their responses."
A copy of this decision can be found on the ASC website at www.albertasecurities.com.
Gobinder Singh (former president and chief executive officer of Genesis Land Development), Frank Devcich (former chief financial officer of Genesis Land Development) and Thomas Tang previously reached settlement agreements with the ASC regarding their conduct in this matter. Copies of the Singh, Devcich and Tang settlement agreements can also be found on the ASC website.
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.
SOURCE: Alberta Securities Commission
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