ASC reciprocates bans against Donald Verne Dyer and Pacific Ocean Resources Corporation

CALGARY, Jan. 4, 2013 /CNW/ - The Alberta Securities Commission (ASC) has reciprocated bans imposed by the British Columbia Securities Commission (BCSC) on Donald Verne Dyer and Pacific Ocean Resources Corporation.

The ASC panel permanently banned all trading in securities of Pacific Ocean Resources, and permanently banned Pacific Ocean Resources from:

• using registration and prospectus exemptions contained in Alberta securities laws;
• acting as a registrant or promoter; and
• disseminating to the public any communications, by or on behalf of any issuer, that promote the purchase or sale of securities of such issuer.

Dyer is also banned, until April 3, 2022, from:

• trading in or purchasing securities;
• using registration and prospectus exemptions contained in Alberta securities laws;
• acting as a director or officer of any issuer;
• acting as a registrant or promoter;
• acting in a management or consultative capacity in connection with activities in the securities market; and
• disseminating to the public any communications, by or on behalf of any issuer, that promote the purchase or sale of securities of such issuer.

The BCSC found that Dyer and Pacific Ocean Resources illegally raised approximately US$836,000 from about 83 investors.  According to affidavit evidence provided to the ASC panel, these investors included Alberta investors.  The ASC panel ruled that it would be in the public interest to reciprocate bans imposed by the BCSC to protect Alberta investors and the Alberta capital market.

A copy of the decision is available 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.

SOURCE: Alberta Securities Commission

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