ASC alleges David G. McClure breached Alberta securities laws

CALGARY, May 13, 2016 /CNW/ - Alberta Securities Commission (ASC) staff have issued a Notice of Hearing alleging that David G. McClure raised millions of dollars without registration or a prospectus for Bedford Biofuels Inc. (Bedford), Bedford Biofuels Tana Delta Phase I Investment Corporation (Tana Delta), Art Without Borders Inc. (AWB), and Bella Bay Investments (Barbados) Inc.  

McClure is also facing allegations that he made misleading or untrue statements to investors and potential investors regarding crop and political instability insurance for Bedford's proposed jatropha plantation operation in Kenya, the use of investment funds for humanitarian purposes in Africa, and that Bedford would be sold to an Asian company.

These allegations have not been proven.

An appearance to set a date for a hearing will be held on July 13, 2016 at 4 p.m. in the ASC Hearing Room, 5th Floor, 250 – 5 Street SW, Calgary, Alberta.

A copy of the Notice of Hearing is 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.

SOURCE Alberta Securities Commission

For Media Inquiries: Nicole Tuncay, Senior Communications Advisor, 403.297.4008; For Investor Inquiries: ASC Public Inquiries, Toll Free 1.877.355.4488