ASC finds Robert Smylski and Smylski Consulting Services violated Alberta
securities laws

CALGARY, July 20 /CNW/ - The Alberta Securities Commission (ASC) has found that Lethbridge-based Robert Smylski and Smylski Consulting Services Ltd. violated Alberta securities laws and acted contrary to the public interest.

An ASC panel found that, in selling the securities of some issuers to Alberta investors, Smylski and Smylski Consulting Services illegally traded and distributed securities. The ASC panel also found that Smylski acted illegally by providing investment advice to some Alberta investors without being registered as an advisor, and that he made prohibited representations and misrepresentations. The ASC panel further found that this was conduct contrary to the public interest.

The ASC panel ruled "we consider Smylski's advertising style - the supposed expert advice column - disturbing and perhaps reflecting an unfair business practice, certainly not the sort of practice appropriate for selling securities in this province. We find his conduct in this regard to be conduct contrary to the public interest." The ASC panel also found that Smylski acted contrary to the public interest by engaging or participating in the signing of some investors' signatures or initials on certain documents relating to securities purchases.

The ASC panel has set dates for the parties to provide submissions on what, if any, orders the ASC panel should make against Smylski and Smylski Consulting Services.

A copy of the decision is posted 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