ASC issues Freeze Orders against Sweetwater entities

CALGARY, June 30, 2016 /CNW/ - The Alberta Securities Commission (ASC) has issued Freeze Orders against Sweetwater Lake Village Limited Partnership, Parcel 4 Sweetwater Development Group Ltd., 1866036 Alberta Ltd. and directed Demiantschuk Burke & Hoffinger LLP (DBH LLP) to hold the funds of those entities. 

The Freeze Orders were issued because, among other things, the ASC received information that the named entities deposited over $600,000 worth of funds in a trust account held with DBH LLP.  These funds were raised from the sale of securities of one or more of the named entities.

The Freeze Orders prohibit the named entities from withdrawing any portion of these funds from the DBH LLP trust account.

On June 16, 2016, the ASC issued an Interim Order prohibiting all trading in securities of Sweetwater LP, Sweetwater Lake Village (Parcel 2) Limited Partnership, Parcel 4 Ltd. and Parcel 2 Sweetwater Development Group Ltd.  The Interim Order also directed those entities and Craig Douglas McMorran to cease trading in all securities and refrain from using any Alberta securities laws exemptions.  ASC staff and the named parties consented to the Interim Order, and an ASC panel considered it to be in the public interest to issue the Order.  The Interim Order is in effect until July 6, 2016, unless otherwise ordered.

Anyone who has been contacted by or on behalf of any of the named parties is asked to contact the ASC Public Inquiries Office at 403-355-4151 or 1-877-355-4488.  Investors are cautioned against sending money to any of the named parties while the interim order is in place.

A copy of the Interim Order 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: Mark Dickey, Senior Communications Advisor, 403-297-4481; For Investor Inquiries: ASC Public Inquiries, Toll Free 1-877-355-4488