ASC reciprocates permanent bans against Ajit Singh Basi

CALGARY, May 11, 2012 /CNW/ - The Alberta Securities Commission (ASC) has reciprocated sanctions imposed by the British Columbia Securities Commission (BCSC) against Ajit Singh Basi.

An ASC panel ordered that Basi permanently cease trading in or purchasing securities or exchange contracts and that he also be permanently prohibited from: acting as a director or officer of any issuer, registrant or investment fund manager; acting in a management or consultative capacity in connection with activities in the securities market; and disseminating to the public any oral or written communications that promote the purchase or sale of securities.

In a December 22, 2011 decision, a BCSC panel found that Basi perpetrated a fraud in breach of British Columbia securities laws when he used an investor's money for personal purposes.  That investor was an individual apparently located in Alberta.

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.

For Media Inquiries:

Mark Dickey
Senior Communications Advisor
403-297-4481

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