CALGARY, June 20, 2013 /CNW/ - The Alberta Securities Commission (ASC) has reciprocated orders imposed by the British Columbia Securities Commission (BCSC) against Myron Sullivan II (a.k.a Fred Myron George Sullivan), Global Response Group (GRG) Corp., and IMC-International Marketing of Canada Corp.
An ASC panel ordered, among other things, that Sullivan, Global Response Group, and IMC-International Marketing of Canada be permanently banned from trading in or purchasing securities, acting as a registrant or promoter, and disseminating to the public any oral or written communications, by or on behalf of any issuer, that promote or reasonably could be expected to promote the purchase or sale of securities of such issuer. The ASC panel also ordered that all trading in or purchasing of Global Response Group and IMC-International Marketing of Canada securities must permanently cease.
The BCSC found that the named parties illegally distributed securities, Sullivan knowingly made untrue statements while promoting Global Response Group, and Sullivan and Global Response Group perpetrated a fraud on investors.
The ASC panel stated that "the evidence is that Alberta residents were among the affected investors. This indicates that the misconduct crossed provincial boundaries - an example of the sort of circumstance that the reciprocation power was designed to address."
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