CALGARY, June 5, 2012 /CNW/ - The Alberta Securities Commission (ASC) has found that Meena Singh breached Alberta securities laws and engaged in conduct contrary to the public interest by attempting to conceal or withhold information from ASC staff that was reasonably required for an ASC investigation. The investigation involved restated interim financial statements of Genesis Land Development Corp.
The ASC panel ruled: "Persons who attempt to conceal or withhold information from Staff conducting investigations into suspected capital market wrongdoing can frustrate Staff's activities in pursuit of the Commission's statutory mandate and impede Staff's oversight function, thereby putting the public interest at risk." The panel also noted that "to state the obvious, it is expected that persons being questioned will tell the truth."
The ASC panel also dismissed an allegation of conduct contrary to the public interest against Simon Fletcher, former controller of Genesis Land Development.
The ASC panel has set dates in June and July 2012 for ASC staff and Meena Singh to provide written submissions on what, if any, orders for sanctions and costs the panel ought to make against Meena Singh.
A copy of this decision can be found on the ASC website at www.albertasecurities.com.
Gobinder Singh (former president and chief executive officer of Genesis Land Development), Frank Devcich (former chief financial officer of Genesis Land Development) and Thomas Tang previously reached settlement agreements with the ASC regarding their conduct in this matter. Copies of the Singh, Devcich and Tang settlement agreements can also be found on the ASC website.
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.