CALGARY, Jan. 7, 2014 /CNW/ - The Alberta Securities Commission (ASC) has found that Rogers Oil & Gas Inc. (ROG) illegally distributed securities by using deficient and misleading Offering Memoranda and that such conduct was contrary to the public interest.
In making its decision, an ASC panel ordered that ROG be permanently banned from using exemptions under Alberta securities laws. The ASC panel ruled that: "By depriving investors of the reliable information to which they were entitled by law, ROG impaired its investors' ability to make informed investment decisions, thereby in turn exposing them to unforeseen risks of financial harm from ill-informed investments."
The ASC panel noted that it did not order a monetary sanction in the case as such an order could impede recovery efforts by ROG 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