CALGARY, Feb. 20, 2019 /CNW/ - The Alberta Securities Commission (ASC) has concluded a Settlement Agreement and Undertaking with Farhang (Fred) Dagostar Nikoo for breaches of Alberta securities laws relating to trading in 2012 in the shares of Bluforest, Inc. (formerly Greenwood Gold Resources Inc.). Bluforest, now dissolved, had a Calgary office and was quoted for trading in 2012 and 2013 on U.S. over-the-counter quotation boards (OTCBB and OTCQB).
In the Settlement Agreement, Nikoo admitted to acting as an adviser without registration with respect to the sale of Bluforest securities to at least seven Alberta residents. He also admitted to making prohibited and misleading or untrue statements to prospective investors that Bluforest's shares would double in value and be listed on the NASDAQ exchange.
As part of the Settlement Agreement, Nikoo paid the ASC $70,000 and is prohibited from advising in securities and acting as a registrant for a period of 10 years.
Nikoo was a respondent in a Notice of Hearing issued by the ASC on February 5, 2018. The hearing into the allegations against the remaining respondents is scheduled to commence on March 6, 2019. For more information on the hearing, visit the Status of Current Proceedings page on albertasecurities.com.
A copy of the Settlement Agreement is also available on the ASC website.
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: Curt Boechler, Senior Advisor, Communications, 403.355.9036; For Investor Inquiries: ASC Public Inquiries, Toll Free 1.877.355.4488