CALGARY –December 27, 2017 – The Alberta Securities Commission (ASC) has concluded a Settlement Agreement with Klaas Vantooren, who has admitted to breaches of Alberta securities laws while registered under the Securities Act (Alberta) (the Act) as a dealing representative for certain exempt market dealer (EMD) firms.
From approximately 2012 to 2015, Vantooren raised funds from the sale of the securities of three issuers to Albertans. In total, Vantooren raised approximately $657,000 from at least eight investors, some of whom invested in several projects. At least two of the investors did not qualify for any exemptions under the Act, and the securities were not approved for sale by any of the Exempt Market Dealer (EMD) firms. No preliminary prospectus or prospectus was filed with the Commission, nor a receipt issued, for any of the securities. Vantooren also made misleading statements to at least two investors regarding reinvestment of their funds and the rate of return on shares from a fourth issuer.
Vantooren paid the ASC $10,000 as part of the Settlement Agreement and will resign all positions held by him as a director or officer of any issuer, registrant, or investment fund manager. He also agreed, for a period of 10 years, to refrain from:
- trading in or purchasing any securities or derivatives (with limited exceptions);
- using any exemptions contained in Alberta securities laws;
- advising in securities or derivatives;
- becoming or acting as a registrant, investment fund manager or promoter;
- acting in a management or consultative capacity in connection with activities in the securities market; and
- becoming or acting as a director or officer, or both, of any issuer, registrant, or investment fund manager.
This is the first settlement agreement concluded under the ASC Policy 15-601 Credit for Exemplary Cooperation in Enforcement Matters . Vantooren received partial credit for exemplary cooperation. A copy of the Settlement Agreement is available on the ASC website at albertasecurities.com.
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.
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