ASC sanctions Jason Currey and related companies for breaching Alberta securities laws
02 Mar, 2018, 10:49 ET
CALGARY, March 2, 2018 /CNW/ - An Alberta Securities Commission (ASC) panel has sanctioned Jason Michael Currey, The Healthy Retirement Group Inc. (HRG), Sunset Creek Resources Inc., and 1826487 Alberta Ltd. (182) for breaching Alberta securities laws, including by perpetrating a fraud on investors. Currey was the sole director, shareholder and employee of each of the named companies.
Between December 2013 and October 2015, Currey and the companies illegally traded in Sunset and 182 securities, raising approximately $3.2 million from nine Alberta investors. While investors in Sunset and 182 had been led to believe their funds would be used to generate returns from certain investment activities, a significant portion was instead used for other purposes, including payments to other investors and payments of Currey's personal debts and expenses. Currey and HRG also acted illegally as advisers in securities by providing investment advice to investors while not registered to do so.
The ASC panel ordered Currey to pay a $200,000 administrative penalty and $25,000 in costs of the investigation and hearing, and to remit to the ASC approximately $120,000 representing the funds misappropriated. The panel also imposed an array of market-access bans against Currey and the companies for a period of 20 years from the date of the decision, or until the administrative penalty is paid in full, whichever is the later. With limited exceptions, those orders prohibit:
- Currey from acting as a director or officer of any issuer or any other specified entity, and from acting in certain other capacities in connection with the securities market;
- Currey and HRG from acting as advisers in securities or derivatives; and
- Currey, HRG, Sunset and 182 from trading in or purchasing securities or derivatives, or relying on any of the exemptions contained in Alberta securities laws.
The panel noted "the respondents admitted - and we have found - serious and deliberate misconduct which harmed the affected investors and the integrity of the Alberta capital market."
A copy of the decision can be found on the ASC website at albertasecurities.com.
The ASC is the regulatory agency responsible for administering the province's securities laws. It is entrusted with fostering a fair and efficient capital market in Alberta and with protecting 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 Media Inquiries: Hilary McMeekin, Manager, Communications, 403.592.8186; For Investor Inquiries: ASC Public Inquiries, Toll Free 1.877.355.4488
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