ASC alleges fraud and misrepresentation against Lawrence Zeiben, Grit International Inc. and Texas Petroleum Inc.

CALGARY, March 8, 2013 /CNW/ - Alberta Securities Commission (ASC) staff have issued a Notice of Hearing alleging that Lawrence Zeiben and his companies Grit International Inc. and Texas Petroleum Inc. perpetrated a fraud on investors, and made misrepresentations and prohibited representations to investors.  ASC staff also allege Grit International illegally distributed its shares in Alberta, and that Berith Ward Chambers and Advanced Investor Intelligence Inc. made misrepresentations to investors.

ASC staff allege the misrepresentations significantly overstated the nature and extent of Zeiben's companies' operations, earnings and potential revenue, and made claims about gold deposits that were not in compliance with Alberta securities laws.  ASC staff also allege Zeiben, Grit International and Texas Petroleum perpetrated a fraud on investors by using these misrepresentations to promote and sell Grit International and Texas Petroleum shares.

An appearance to set a date for a hearing will be held on March 13, 2013 at 3 p.m. in the ASC Hearing Room, 5th floor, 250 - 5th Street SW, Calgary Alberta.

A copy of the Notice of Hearing is available 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.                             

SOURCE Alberta Securities Commission