Jeremy (Jay) Peers has been sentenced to three and a half years imprisonment after pleading guilty to fraud, misrepresentations, and dealing and advising in securities without registration under the Securities Act (Alberta), in relation to Federal Mortgage Corporation and related entities.
Alberta Provincial Court Judge Frederick Day also ordered that Peers be permanently banned from:
- trading in securities;
- acting as a director or officer; and
- acting as a securities dealer, adviser or other registrant.
The Court further ordered Peers to pay restitution of $513,355 to two investors.
In an Agreed Statement of Facts (ASF) filed with the Court, Peers admitted to a number of violations involving securities in Federal Mortgage Corporation and related entities. According to the ASF, Peers acted as a dealer and adviser to investors without registering under the Securities Act. He was a director of Federal Mortgage Corporation and made misrepresentations regarding the Corporation and its related entities. Further, he authorized or directed the use of investor funds to pay interest and returns to new investors and to provide cash to entities operated by family members.
“Jay Peers preyed on innocent investors that included close friends and family, betraying their trust,” said Cynthia Campbell, Director of Enforcement. “Not only will Jay Peers be incarcerated and permanently removed from Alberta’s capital markets, but this sentence sends a clear message to others that behaviour of this nature will not be tolerated.”
A copy of the oral decision can be obtained through the Provincial Court of Alberta in Edmonton.
The Alberta Securities Commission 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.
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