ASC reaches $40,000 settlement with Penny Jean Sellars

CALGARY, July 6 /CNW/ - The Alberta Securities Commission (ASC) has concluded a settlement with Calgary resident Penny Jean Sellars in connection with allegations that she took part in an illegal distribution of Sellars Financial Inc. securities and made prohibited representations to Alberta investors.

In the settlement agreement, Sellars admitted to illegally raising at least $1.2 million from Alberta investors between 2006 and 2008 from the illegal distribution of "Fixed Rate Term Notes" issued by Sellars Financial Inc. without complying with Alberta securities laws' registration and prospectus requirements. Sellars also admitted to making prohibited representations as to the safety of the investments being offered.

Under the settlement agreement:

    
    -   Sellars agreed to refrain from purchasing or trading in securities or
        exchange contracts and to refrain from using Alberta securities laws
        exemptions for a period of five years.

    -   Sellars agreed to cease acting as an officer or director of any
        reporting issuer or an issuer that distributes securities to the
        public for a period of five years and ensure that she will not cause
        any private issuer of which she remains an officer or director to
        attempt to utilize securities laws exemptions for the same time
        period.

    -   Sellars paid the ASC $40,000 to settle the allegations and $2,000
        towards costs.
    

A copy of the settlement agreement 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.

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