ASC orders more than $2.1 million in monetary sanctions and permanent market bans against the principals of Blue Sky Resorts
CALGARY, Feb. 28, 2013 /CNW/ - The Alberta Securities Commission (ASC) has sanctioned Calgary-based Blue Sky Resorts Inc., related entities Mandyland Inc. and Blue Sky Lease Inc., and their principals Dennis Uhersky, Margaret Uhersky and Jeremy Davis for their capital market misconduct. An ASC panel found that this capital market misconduct, including fraud, was very serious and called for significant sanctions.
The ASC panel ordered that Dennis Uhersky, Margaret Uhersky and Jeremy Davis:
- individually or jointly disgorge to the ASC $1,716,647.20, the amount found to have been fraudulently converted to the personal use or benefit of them and their family, friends and business associates;
- each pay an administrative penalty of $150,000; and
- each be permanently banned from trading in or purchasing securities, using any Alberta securities laws exemptions, acting as a director or officer of any issuer, and acting in a management or consultative capacity in connection with activities in the securities market.
The ASC panel ordered that each of Blue Sky Resorts, Mandyland and Blue Sky Lease cease trading in or purchasing securities and using any Alberta securities laws exemptions, and that all trading in or purchasing of its securities cease until such time, if ever, that the named company files a prospectus and that prospectus is receipted by the ASC. The ASC panel also ordered that the named parties individually or jointly pay $160,000 of the costs of the investigation and hearing of this matter.
The ASC panel ruled that the named parties "did not need experience, sophistication or knowledge of Alberta securities law to know that it was wrong to make misrepresentations to investors, or that it was wrong to convert to the personal use or benefit of the Individual Respondents [Dennis Uhersky, Margaret Uhersky and Jeremy Davis] and their family, friends and business associates some 58% of the money raised from investors".
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