CALGARY, June 23, 2014 /CNW/ - Alberta Securities Commission (ASC) staff have issued a notice of hearing alleging Neil Chandran and Energy TV Inc. perpetrated a fraud, and along with Chandran Holding Media Inc., raised $56 million by engaging in illegal trades and distributions.
ASC staff allege the fraud occurred when Chandran and Energy TV told investors they were going to promote and stage a boxing match in Las Vegas. The event never took place. Instead, ASC staff allege that Chandran and Energy TV used investor's funds to pay the company's operating expenses. ASC staff also allege that Chandran and his companies raised more than $56 million by engaging in illegal trades and distributions, and made prohibited representations when they told investors they would receive a refund.
The allegations have not been proven.
An appearance to set a date for a hearing will be held on July 17, 2014 at 9 a.m. in the ASC Hearing Room, 5th Floor, 250 - 5th Street SW, Calgary, Alberta.
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