CALGARY, June 28, 2012 /CNW/ - The Alberta Securities Commission (ASC) has issued an Interim Cease Trade Order against Edmonton-based Prosperity Development Group Ltd. and its principal and director Saileshwar (Sal) Narayan.
The Interim Cease Trade Order is effective immediately and prohibits all trading in or purchasing of Prosperity Development Group Ltd. securities. Prosperity Development Group Ltd. and Saileshwar (Sal) Narayan are also prohibited from trading in or purchasing of all securities and are denied the use of all Alberta securities laws exemptions. This Interim Cease Trade Order will expire on July 12, 2012 unless it is extended by the ASC.
A copy of the Interim Cease Trade Order and Notice of Application are available on the ASC website at www.albertasecurities.com.
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.