|By PR Newswire||
|August 23, 2013 02:55 PM EDT||
CALGARY, Aug. 23, 2013 /CNW/ - The Alberta Securities Commission (ASC) has found that Raymond Harvey Johnston and Sherwood Financial Services Ltd. (SFSL) breached Alberta securities laws and acted contrary to the public interest by illegally trading in and distributing SFSL securities to investors in Alberta and making material misleading or untrue statements to investors.
An ASC panel also ruled that SFSL failed to file required reports with the ASC and that Johnston authorized or permitted such breaches. The ASC panel further ruled that the allegation of unregistered advising against Johnston was not proved.
Concerning the sale of SFSL securities by Johnston and SFSL without registration, a prospectus or available exemptions, the ASC panel found that, by acting as they did, Johnston and SFSL denied investors "protections to which they were entitled by law."
A timetable for delivery and hearing of evidence (if any) and submissions on the issue of appropriate orders will be determined shortly.
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