CALGARY, Jan. 31, 2014 /CNW/ - Alberta Securities Commission (ASC) staff are seeking to reciprocate an order imposed by the Ontario Securities Commission (OSC) against FactorCorp Inc. and FactorCorp Financial Inc. (collectively the "FactorCorp companies") and Mark Twerdun ("Twerdun").
An OSC panel found that from 2004 to 2007, the FactorCorp companies and Twerdun raised approximately $50 million from more than 600 Ontario investors through the sale and distribution of debentures. The OSC panel also found that the debentures were sold to investors using offering memoranda and other promotional documents, which were not filed with the OSC and contained misleading or untrue statements. As sole officer and director, Twerdun was liable for the contraventions of the FactorCorp companies and failed to ensure that investors were entitled to rely on the accredited investor exemption, contrary to the public interest.
On September 30, 2013, the OSC ordered, among other things, that the FactorCorp companies and Twerdun cease trading in any securities for a period of ten years. The ASC seeks reciprocation of the OSC order to protect Alberta investors and the integrity of the Alberta capital market. It is anticipated that the ASC panel will consider this application in the near future.
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