CALGARY – January 31, 2019 – The Alberta Securities Commission (ASC) has suspended the registrations of Wells Asset Management System Inc. and its principal Mr. Dale Richard Wells.
A review identified significant concerns with the firm’s compliance with securities laws. Prior to the suspension, Wells Asset Management System Inc. operated as an investment fund manager and portfolio manager based in Lloydminster, Alberta. The ASC imposed terms and conditions in July 2018 that restricted the firm’s activities. The suspensions have been implemented as part of an orderly transition that followed placing the firm’s managed funds under a new fund manager.
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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