ASC Staff Allege Illegal Distributions of Mortgage 1 Corporation Securities

    CALGARY, Feb. 8 /CNW/ - The Alberta Securities Commission (ASC) has
issued a Notice of Hearing alleging that Mortgage 1 Corporation (M1C), Michael
James Savage and Daren M. Broers engaged in illegal trading and distributions
of M1C securities.
    ASC staff allege that M1C, Savage and Broers violated Alberta Securities
laws when they raised over $900,000 from approximately 70 Alberta investors.
Staff allege that M1C, Savage and Broers filed reports with the ASC that
falsely certified that investors were qualified for the close family, friends
and business associates exemption. They also failed to disclose additional
distributions made to investors.
    An appearance to set a date for a hearing will be held on March 14, 2008
at 9:30 in the ASC Hearing Room, 6th Floor, 300 - 5th Avenue SW, Calgary,

    A copy of the Notice of Hearing can be found at

    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, Toll Free 1-877-355-4488

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