CALGARY, March 27, 2013 /CNW/ - Alberta Securities Commission (ASC) staff are seeking to reciprocate an order imposed by the British Columbia Securities Commission (BCSC) against Daniel Scammell, Casper de Beer (a.k.a. Casha de Beer), VerifySmart Corp. (formerly Verified Capital Corp.) and Verified Transactions Corp.
In December 2011, the BCSC found that Scammell, de Beer, VerifySmart and Verified Transactions traded in securities without registration and distributed those securities without a prospectus.
In May 2012, the BCSC ordered, among other things, that Scammell and de Beer be banned from becoming or acting as an officer or director of any issuer, trading in securities, and becoming or acting as a registrant or promoter until the later of May 14, 2017 or until monetary penalties, as set out in the order, are paid. The BCSC also permanently cease traded Verified Transactions and VerifySmart.
The ASC seeks reciprocation of the BCSC order to protect Alberta investors and the Alberta capital market.
It is anticipated that the ASC panel will consider this application in the near future.
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