ASC reaches $95,000 settlement with Olds resident Richard Wayne Sayler

CALGARY, Dec. 16 /CNW/ - The Alberta Securities Commission (ASC) has reached a $90,000 settlement with former Inc. CEO Richard Wayne Sayler regarding allegations of illegally distributing securities and making prohibited representations.

Under the Settlement Agreement, Sayler also agreed to pay $5,000 towards the costs of the ASC's investigation, cease trading in or purchasing securities or exchange contracts, not to act acting as a director or officer of any issuer, registrant or investment fund manager, and not to act in a management or consultative capacity in connection with securities market activities, all for a period of 10 years.

In the Settlement Agreement, Sayler admitted to trading in and distributing securities without registering, filing a prospectus or using an applicable exemption.  Sayler also acknowledged that he made prohibited representations to investors when he stated that securities would be listed on an exchange.

A copy of the Settlement Agreement 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.

SOURCE Alberta Securities Commission

For further information: For further information:

For Media Inquiries:     Mark Dickey
   Senior Communications Advisor    

For Investor Inquiries:  ASC Public Inquiries    
Toll Free 1-877-355-4488

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