CALGARY, Jan. 31, 2013 /CNW/ - The Alberta Securities Commission (ASC) has further extended its Interim Cease Trade Order against Edmonton-based Prosperity Development Group Ltd. and its principal and director Saileshwar (Sal) Narayan until an enforcement proceeding has been concluded and a decision rendered in this matter.
The Interim Cease Trade Order prohibits all trading in or purchasing of Prosperity Development Group securities. Narayan and Prosperity Development Group are also prohibited from trading in or purchasing all securities and are denied the use of any Alberta securities laws exemptions.
The ASC issued the original Interim Cease Trade Order against Narayan and Prosperity Development Group on June 27, 2012 and first extended it on July 9, 2012.
In the related Notice of Hearing, ASC staff allege that Narayan and Prosperity Development Group engaged in a course of conduct related to Prosperity Development Group securities that they knew or ought reasonably to have known perpetrated a fraud on Alberta investors. ASC staff also allege that Narayan and Prosperity Development Group made false or misleading statements to investors in an offering document and failed to provide disclosure of a material change as required by Alberta securities laws.
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