ASC reciprocates bans against HEIR Home Equity Investment Rewards, other entities, Archibald Robertson, Brent Borland, Wayne D. Robbins and Marco Caruso
CALGARY, Jan. 29, 2015 /CNW/ - The Alberta Securities Commission (ASC) has reciprocated certain sanctions the Ontario Securities Commission (OSC) imposed on HEIR Home Equity Investment Rewards Inc., FFI First Fruits Investments Inc., Wealth Building Mortgages Inc., Canyon Acquisitions, LLC, Canyon Acquisitions International, LLC, Placencia Estates Development, LLC, Copal Resort Development Group, LLC, Rendezvous Island, Ltd., The Placencia Marina, Ltd., The Placencia Hotel and Residences Ltd., Archibald Robertson, Brent Borland, Wayne D. Robbins and Marco Caruso (the Respondents).
An ASC panel ordered that:
- the Respondents must cease trading in or purchasing securities, and all of the exemptions contained in Alberta securities laws do not apply to them, permanently (with limited exceptions for Robertson);
- the Respondents are reprimanded;
- Robertson and Robbins are each permanently prohibited from becoming or acting as a director or officer (or both) of any issuer, registrant or investment fund manager (with limited exceptions for Robertson);
- Borland and Caruso are each prohibited from becoming or acting as a director or officer (or both) of any issuer, registrant or investment fund manager, for five years from March 28, 2013; and
- Canyon Acquisitions, LLC, Canyon Acquisitions International, LLC, Placencia Estates Development, LLC, Copal Resort Development Group, LLC, Rendezvous Island, Ltd., The Placencia Marina, Ltd., The Placencia Hotel and Residences Ltd., Robertson, Borland, Robbins and Caruso are each permanently prohibited from becoming or acting as a registrant, investment fund manager or promoter.
In March 2013 OSC settlement agreements, the Respondents admitted to, among other things, breaching Ontario securities laws and acting contrary to the public interest by engaging in unregistered trading and illegal distributions. Evidence showed that HEIR has solicited investments in Alberta, and the ASC panel noted that reciprocating the OSC orders "will serve the public interest by protecting 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 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
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