CALGARY, Nov. 5, 2013 /CNW/ - The Alberta Securities Commission (ASC) has concluded a settlement agreement with former Platinum Equities Inc. sales consultant Victor Alejandro Gavilan Jara (a.k.a. Alex Gavilan) for breaching Alberta securities laws.
In the settlement agreement, Gavilan admitted that he made materially misleading or untrue statements to investors in two companies affiliated with Platinum Equities (Deerfoot Court Real Estate Investment Fund Limited Partnership and Qualia Real Estate Investment Fund VI Limited Partnership) regarding the safety and profitability of the investments. Gavilan also admitted that he engaged in unfair practices while soliciting investments in another company affiliated with Platinum Equities (PMIC II Investments Ltd.) by taking advantage of an investor's inability to reasonably protect her interests because of age or inability to understand the character, nature or language of matters relating to her decision to purchase securities.
Under the settlement agreement, Gavilan paid $17,500 to the ASC, including $2,500 in investigation costs, and agreed not to trade or purchase securities for five years, other than through a registered representative in a registered retirement savings plan, a tax-free savings account, or a registered education savings plan.
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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