ASC alleges illegal distributions and misrepresentations by Raymond Harvey Johnston and Sherwood Financial Services Ltd.

CALGARY, Nov. 20, 2012 /CNW/ - Alberta Securities Commission (ASC) staff have issued a Notice of Hearing alleging that Raymond Harvey Johnston and his company, Sherwood Financial Services Ltd., illegally traded and distributed securities, made misrepresentations to Alberta investors and failed to file reports of exempt distribution with the ASC.

ASC staff allege that misrepresentations were made about the safety of an investment and about the value of assets pledged to secure a loan for a proposed business venture.

An appearance to set a date for a hearing in Calgary will be held on January 16, 2013 at 1 p.m. in the ASC Hearing Room, 5^th floor, 250 - 5^th 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

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