The Alberta Securities Commission (ASC) has concluded a settlement with Gateway Village II Limited Partnership, Iron-Gate Acquisitions Limited Partnership and their principals, Samir Sawhney and Adeeb Azizi. Under the Settlement Agreement, Sawhney and Azizi agreed to pay the ASC $130,000 in settlement plus $20,000 in costs on behalf of themselves, Gateway and Iron-Gate. They also undertook to refrain from using any of the exemptions contained in Alberta securities laws for a period of five years.
In the Settlement Agreement, Gateway, Iron-Gate, Sawhney and Azizi acknowledged that they traded and distributed securities of Gateway, Iron-Gate and other associated entities without being registered to do so and without filing a prospectus with the ASC, in circumstances where no exemption from those requirements was available.
A copy of the Settlement Agreement can be found on the ASC website at www.albertasecurities.com.
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.
For further information please contact:
For Media Inquiries: Lorinda Brinton
Senior Communications Advisor
For Investor Inquiries: ASC Public Inquiries
Toll Free 1.877.355.4488