ASC alleges Vernon Ray Fauth breached Alberta securities laws

CALGARY, May 12, 2016 /CNW/ - Alberta Securities Commission (ASC) staff have issued a Notice of Hearing against Vernon Ray Fauth  in connection with the sale of investments in Espoir Capital Corporation.

ASC staff allege that Fauth perpetrated a fraud on investors by converting investment funds for use by businesses owned, controlled and/or managed by Fauth or using investment funds to repay other investors. ASC staff also allege that in the course of soliciting, promoting and selling investments in Espoir, Fauth made misleading or untrue statements to investors regarding the safety and security of the investments and the use of investment funds, and that he sold these investments without proper registration. 

The allegations have not been proven.

An appearance to set a date for a hearing will be held on June 8, 2016 at 4 p.m. in the ASC Hearing Room on the 5th floor, 250 – 5 Street 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 with fostering a fair and efficient capital market in Alberta and with protecting 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