ASC Permanently Bans First Global Ventures and Allen Grossman

    CALGARY, Aug. 7 /CNW/ - The Alberta Securities Commission (ASC) has
ordered that First Global Ventures, S.A. and its principal, Allen Grossman, be
permanently banned from trading or using any exemptions under Alberta
securities laws.
    The ASC panel based its decision on similar orders issued against First
Global and Grossman by the New Brunswick Securities Commission (NBSC) and the
Ontario Securities Commission (OSC). Panels of the NBSC and the OSC had found
that First Global and Grossman were involved in a scheme that involved
investors in a company called Maitland Capital Ltd. Under the scheme First
Global representatives contacted Maitland investors and offered the
opportunity to exchange their shares in Maitland, plus additional cash, for
shares in First Global. The scheme breached securities laws since both
Maitland and Grossman were subject to cease trade orders in those
    The ASC panel was also informed that a First Global representative had
recently contacted an Alberta investor and made the same type of offer without
registering with the ASC or filing the proper documents as required under
Alberta securities laws. The ASC panel ruled it was in the public interest to
reciprocate an order similar to those issued by the OSC and NBSC to extend to
Alberta investors and the Alberta capital market "key protections afforded in
other jurisdictions."
    A copy of the decision is available 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: Mark Dickey, Senior
Communications Advisor, (403) 297-4481; For Investor Inquiries: ASC Public
Inquiries, Toll Free 1-877-355-4488

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