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Oct 04, 2019
CALGARY – October 4, 2019 – The Alberta Securities Commission (ASC) has sanctioned Ronald James Aitkens, Roy Juergen Beyer, Foundation Group Capital Trust (the Trust), 0865701 B.C. Ltd. (0865701), Harvest Capital Management Inc. (HCMI), Stoney View Crossing Inc. and Harbour View Landing Inc. for breaching Alberta securities laws.
An ASC panel previously determined that Aitkens, Beyer, the Trust, 0865701 and HCMI made materially misleading omissions in two Trust offering memoranda. The panel also determined that Aitkens, Stoney View Crossing and Harbour View Landing perpetrated a fraud on investors in that some of the money raised from investors for certain business purposes was instead used for other business purposes. There were no allegations of fraud or findings of fraud against Beyer.
In its sanctions decision, the ASC panel ordered that:
Aitkens pay an administrative penalty of $600,000 and investigation and hearing costs of $180,000;
Aitkens be subject to a broad array of permanent market-access bans;
Beyer pay an administrative penalty of $75,000 and investigation and hearing costs of $20,000;
Beyer be subject to a broad array of market-access bans until the later of October 2, 2029 and the date on which his administrative penalty is paid in full;
all trading in or purchasing of securities or derivatives of the Trust, 0865701, HCMI, Stoney View Crossing and Harbour View Landing permanently cease; and
the Trust, 0865701, HCMI, Stoney View Crossing and Harbour View Landing be subject to a broad array of permanent market-access bans.
The ASC panel stated that “the misconduct of the Respondents exposed identifiable investors and the Alberta capital market as a whole to considerable harm.” The panel also indicated that “permanent market-access bans will prevent Aitkens from again being in a position to misuse funds from investors. They also send a strong message to others who are careless or wilfully blind in ensuring offering memoranda are accurate or who are cavalier in ensuring that money raised from investors is used for the stated purposes.
This sanctions decision 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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