CALGARY, Jan. 6, 2014 /CNW/ - The Alberta Securities Commission has found Alberta businessman Ronald Theodore Cloutier and his companies, Venture Contractors Ltd., Viva Communications Ltd., Sunterra Resource Audit Equipment Ltd., and Sunterra Seismic Inc., engaged in a course of conduct that perpetrated a fraud on investors, illegally traded and distributed securities and made misleading and untrue statements to investors.
An ASC panel also ruled that Cloutier, Venture and Viva made prohibited representations and engaged in the unfair practice of pressuring investors, and that Cloutier beached an ASC Interim Cease Trade Order issued against him and his companies. The ASC panel found all such conduct to be contrary to the public interest.
In handing down its decision the ASC panel ruled: "We find that the Respondents engaged in prohibited acts - deceit, falsehoods or other fraudulent means" and that "it is clear from the evidence before us that [investors] sustained actual financial losses as a result of the Respondents' prohibited acts."
The ASC panel has set dates in January, February and March 2014 for ASC staff and the named parties to provide submissions on what, if any, orders for sanctions and costs ought to be made.
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