CALGARY, Aug. 30 /CNW/ - The Alberta Securities Commission (ASC) has
scheduled a hearing for Tuesday, September 11, 2007, regarding the conduct of
Edmonton resident Cheryl-Lynn Braun. The hearing relates to Braun's April 2007
conviction for fraud in an Edmonton criminal court and will be conducted under
the reciprocal enforcement provisions of the Alberta Securities Act.
Braun was sentenced to seven years in a federal penitentiary in relation
to the sale of securities to 89 investors in which she raised over $22 million
between January 2002 and July 2004. Braun told investors that their funds
would be invested in one of two investment schemes and would generate a 50%
and 100% return in one or two months. However, approximately $10 million of
those funds were spent and lost by Braun in Edmonton area casinos. In
addition, excluding a portion paid back to earlier investors, Braun spent the
remaining funds on personal expenses.
ASC Staff allege that Braun's misconduct mandates her removal from the
Alberta capital markets in order to protect all market participants.
A copy of the Notice of Hearing outlining the allegations in their
entirety is available on the ASC website at www.albertasecurities.com.
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, (403) 297-4296, Toll Free 1-877-355-4488