ASC Alleges Illegal Sales of Hallett Financial Services Ltd. Securities

CALGARY, Feb. 19 /CNW/ - The Alberta Securities Commission (ASC) has issued a Notice of Hearing alleging that Edmonton-based Hallett Financial Services Ltd. and its principal Phillip Ross Hallett engaged in illegal sales of Hallett Financial Services Ltd. securities to Alberta residents.

ASC staff allege that between July 2006 and May 2008, Hallett Financial Services Ltd.and Hallett raised more than $1.3 million from the sale of "Fixed Rate Term Notes" to Alberta investors without registration or a prospectus, or without use of permitted Alberta securities laws exemptions. ASC staff also allege that Hallett made prohibited representations to investors by telling them that the Fixed Rate Term Notes were similar to Guaranteed Investment Certificates and that they were safe investments, when this was not the case.

An appearance to set a date for an Edmonton hearing will be held on March 10, 2010 at 2 p.m. in the ASC Hearing Room, 6th Floor, 300 - 5th Avenue SW, Calgary, Alberta.

A copy of the Notice of Hearing is available on the ASC website at www.albertasecurites.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.

For further information: For Media Inquiries: Mark Dickey, Senior Communications Advisor, [phone]; For Investor Inquiries: ASC Public Inquiries, Toll Free, 1-877-355-4488