CALGARY, March 23, 2015 /CNW/ - Alberta Securities Commission (ASC) staff have issued a Notice of Hearing alleging that Ronald James Aitkens, Roy Juergen Beyer, Foundation Group Capital Trust, 0865701 B.C. Ltd., Harvest Capital Management Inc., Foundation Capital Corporation, Foundation Securities Corporation, Stoney View Crossing Inc., Stoney View Capital Inc., Harbour View Landing Inc., and Harbour View Capital Inc. breached Alberta securities laws and acted contrary to the public interest.
ASC staff specifically allege that:
- Aitkens, Stoney View Crossing, Stoney View Capital, Harbour View Landing and Harbour View Capital perpetrated a fraud on Stoney View Crossing and Harbour View Landing investors when they caused these companies to deceitfully divert funds raised from investors to other entities controlled or influenced by Aitkens;
- Aitkens, Beyer, Foundation Group Capital Trust (the Trust), 0865701 B.C. Ltd. and Harvest Capital Management made statements in four of the Trust's Offering Memorandums (OMs) that they knew or ought to have known were untrue or misleading, and that would reasonably be expected to have a significant effect on the market price or value of the Trust's securities;
- Aitkens, Beyer, the Trust, 0865701 B.C. Ltd. and Harvest Capital Management falsely stated that the Trust's OMs did not contain a misrepresentation and filed the untrue and misleading OMs with the ASC; and
- Aitkens, Beyer, the Trust, 0865701 B.C. Ltd., Harvest Capital Management Inc., Foundation Capital Corporation and Foundation Securities Corporation raised almost $75 million by engaging in illegal distributions of the Trust's securities.
These allegations have not been proven.
An appearance to set a date for a hearing will be held on Wednesday, May 13, 2015 at 3 p.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 with fostering a fair and efficient capital market in Alberta and with protecting 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