ASC charges Edmonton-based businessman Jay Peers and son Robert Peers with fraud in Provincial Court

CALGARY, July 20, 2012 /CNW/ - The Alberta Securities Commission (ASC) has charged Edmonton businessman Jeremy (Jay) Peers in the Provincial Court of Alberta with 33 counts of breaching Alberta's securities laws.  The ASC has also charged Jay Peers' son, Robert Peers, with one count of contravening the Securities Act (Alberta).

The charges relate to trading in Federal Mortgage Corporation Ltd. and Peers Foster Kristiansen Inc. securities during 2006 to 2010.  In the Information filed by the ASC in the Provincial Court of Alberta, ASC staff allege that Jay Peers participated or engaged in a fraud on investors by using investor funds to pay returns to earlier investors and to make transfers to related parties.   ASC staff also allege that Jay Peers sold Federal Mortgage Corporation securities without registering as a dealer or advisor with the ASC and that Federal Mortgage Corporation had not filed a prospectus.  The ASC further alleges that Jay Peers misrepresented the degree to which Federal Mortgage Corporation and Peers Foster Kristiansen were safe and reliable investments and that he failed to disclose to investors the financial difficulties of both corporations.

ASC staff allege that Robert Peers participated or engaged in a fraud on investors by his involvement in the transfer of investor funds to related parties without loan or investment documentation.

The Information related to this case can be obtained from the Provincial Court of Alberta. A first appearance in this case has been scheduled for 8 a.m. on August 30, 2012 at the Edmonton Provincial Court of Alberta.

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 Media Inquiries:

Mark Dickey
Senior Communications Advisor
403.297.4481

For Investor Inquiries:

ASC Public Inquiries
Toll Free 1.877.355.4488