CALGARY, Feb. 23, 2015 /CNW/ - The Alberta Securities Commission (ASC) has concluded a Settlement Agreement with Calgary resident Dean Frank Gorenc and the UrbanStar group of capital raising companies: UrbanStar Capital Inc., UrbanStar Windy Ride Commercial Capital Inc. and UrbanStar Windy Ridge Phase 1 Capital Inc.
Under the Settlement Agreement, the named parties paid the ASC $12,500 and Gorenc agreed that for five years no issuer of which he is a director or principal will rely upon the registration exemption contained in ASC Blanket Order 31-505 Registration Exemption for Trades in Connection with Certain Prospectus-Exempt Distributions. During this time period, Gorenc will also ensure that any sales of securities of these issuers to Alberta investors are made through registered dealers and are otherwise in compliance with Alberta securities laws.
Gorenc and the UrbanStar group of capital raising companies admitted in the Settlement Agreement that they acted as dealers in securities without being registered as an exempt market dealer, and in circumstances where no exemption from the registration requirements was available to them.
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: Mark Dickey, Senior Communications Advisor, 403.297.4481; For Investor Inquiries: ASC Public Inquiries, Toll Free 1.877.355.4488