CALGARY, March 5 /CNW/ - The Alberta Securities Commission (ASC) has concluded settlements with Calgary-based The Hear Now Inc. and its one-time director Gerard Besaw in connection with allegations that each engaged in the illegal distribution of The Hear Now securities between 2006 and 2008.
In the settlement agreements, Besaw and The Hear Now admitted that they illegally raised more than $6.6 million through the operation of investment clubs without being registered, filing a prospectus or relying on applicable exemptions under Alberta securities laws. Besaw also admitted that he made prohibited representations to investors regarding the size of dividends and overall rate of return on their investment.
Under the settlement agreements, Besaw has agreed to pay the ASC $100,000 to settle the allegations and $5,000 towards costs. Besaw also undertook to cease trading in securities, cease acting as an officer or director of any issuer and refrain from using Alberta securities laws exemptions for 10 years. The Hear Now has agreed to permanently cease trading in securities and refrain from using Alberta securities laws exemptions.
Copies of the The Hear Now settlement agreement and Besaw settlement agreement can be found 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.
SOURCE Alberta Securities Commission
For further information: For further information: For Media Inquiries: Mark Dickey, Senior Communications Advisor, (403) 297-4481; For Investor Inquiries: ASC Public Inquiries, Toll Free 1-877-355-4488