ASC alleges Robert John Harris operated a Ponzi scheme
CALGARY, Oct 6 /CNW/ - The Alberta Securities Commission (ASC) has issued a Notice of Hearing alleging that Robert John Harris, operating as Harris Agencies, breached Alberta securities laws by:
- trading in securities in Alberta without being registered to do so;
- illegally distributing securities in Alberta;
- making misleading and untrue statements to Alberta investors;
- perpetrating a fraud on Alberta investors; and
- acting contrary to the public interest.
In the Notice of Hearing, ASC staff allege that Harris, operating as Harris Agencies, controlled and operated a real estate investment club that raised at least $5 million from approximately 200 investors from 2000 to 2010. ASC staff allege the money raised by Harris Agencies through the investment club was used to make payments to existing club investors in the manner of a Ponzi scheme, instead of used to purchase real estate or second mortgages.
An appearance to set a date for a hearing will be held at 2 p.m. on November 10, 2010 in the ASC hearing room on the 6th floor, 300 - 5th Avenue SW, Calgary, Alberta.
A copy of the Notice of Hearing can be found 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.
For further information:
| For Media Inquiries: | Mark Dickey |
| Senior Communications Advisor | |
| 403.297.4481 | |
| For Investor Inquiries: | ASC Public Inquiries |
| Toll Free 1.877.355.4488 |
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