CALGARY, May 22, 2015 /CNW/ - The Alberta Securities Commission (ASC) has found that Neil Suresh Chandran, Energy TV Inc., Chandran Holding Media, Inc., also known as Chandran Holdings & Media Inc. (Holdings), and Neil Suresh Chandran doing business as Chandran Media (Chandran Media) illegally traded and distributed securities. An ASC panel also found that Energy TV, Holdings and Chandran Media failed to file required reports and that Energy TV and Holdings made a prohibited refund representation. These findings were consistent with admissions made by the named parties.
As a result, the ASC panel ordered (consistent with recommendations jointly made by the named parties and ASC staff) that:
- all trading in or purchasing of Energy TV, Holdings and Chandran Media securities must cease, permanently;
- with permanent effect, Chandran must cease trading in or purchasing securities and is denied the use of exemptions (with limited exception), and is banned from acting as a director or officer of any issuer, registrant or investment fund manager, from advising in securities or derivatives, and from acting in a management or consultative capacity in connection with securities-market activities;
- with permanent effect, Energy TV, Holdings and Chandran Media must cease trading in or purchasing securities and are denied the use of exemptions, and are banned from acting as a registrant, investment fund manager or promoter and from acting in a management or consultative capacity in connection with securities-market activities;
- Chandran must pay a $400,000 administrative penalty; and
- Chandran, Energy TV, Holdings and Chandran Media must pay, jointly or individually, $60,000 of the costs of the investigation and hearing.
In so ordering, the ASC panel noted: "As for harm done, we understand from the parties that, while some investors received returns and were repaid their principal, most of the investors have lost their invested money. The harm done was not limited to the financial harm caused particular investors. Any loss of confidence in the Alberta capital market by those investors and others who learn of their plight jeopardizes the integrity of the capital market as a whole. This considerable harm also calls for significant sanction providing specific and general deterrence."
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