ASC reaches settlement agreement with Thomas Hochhausen and Douglas Bender

CALGARY, March 5, 2014 /CNW/ - The Alberta Securities Commission (ASC) has concluded a settlement agreement with Alberta resident Thomas Hochhausen and British Columbia resident Douglas Bender related to misrepresentations contained in news releases issued by Hypower Fuel Inc. (Hypower).

In the Settlement Agreement:

• Hypower, Hochhausen and Bender admitted to making statements they knew  or ought to have known were misleading or untrue, or which failed to state necessary facts that would reasonably be expected to impact the value  of Hypower securities;
• Bender admitted that he made false statements under oath to ASC investigators; and
• Hypower, Hochhausen and Bender admitted that their unduly promotional, misleading and untrue statements in news releases and untrue statements under oath to ASC investigators constituted conduct contrary to the public interest.

Under the Settlement Agreement, Hochhausen paid the ASC $40,000 and $10,000 in costs, agreed to refrain from becoming a director or officer of any issuer, registrant or investment fund manager (with limited exceptions) and from acting in a management or consultative capacity in connection with activities in the securities market for a period of 10 years.

Under the Settlement Agreement, Bender paid the ASC $30,000 and $10,000 in costs, agreed to refrain from becoming a director or officer of any issuer, registrant or investment fund manager (with limited exceptions) and from acting in a management or consultative capacity in connection with activities in the securities market for a period of  five years.

A copy of the Settlement Agreement and 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:

Mark Dickey
Senior Communications Advisor
403.297.4481

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ASC Public Inquiries
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