CALGARY, Oct. 5, 2012 /CNW/ - Alberta Securities Commission (ASC) staff are seeking to reciprocate orders imposed by the British Columbia Securities Commission (BCSC) against Donald Verne Dyer and Pacific Ocean Resources Corporation.
In an April 3, 2012 decision, a BCSC panel ordered that all persons permanently cease trading in any securities of Pacific Ocean Resources Corporation, and that Donald Verne Dyer (Dyer) cease trading in or purchasing securities for a period of 10 years. A BCSC panel found that they breached the registration and prospectus requirements of the Act. Dyer sold the Global 8 securities through Pacific Ocean Resources Corporation. Dyer and his company are not registered to sell securities in B.C.
In the BCSC decision the panel found that "The Respondent's misconduct affected about 83 investors who invested $836,658 to acquire Global 8 shares. Global 8 shares trade on the U.S. over-the-counter market. They are illiquid and their market value has been significantly below the average price purchased by the investors. The Commission issued a cease trade order against Global 8 on June 24, 2009. This cease trade order is currently in effect."
ASC staff seek reciprocation of the BCSC orders to ensure that Dyer and Pacific Ocean Resources Corporation cannot evade the effect of the BCSC order by selling to Alberta investors and to protect Alberta investors and the Alberta capital market.
It is anticipated that the ASC panel will consider this application in November 2012.
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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