ASC Sanctions Hav-Loc Private Wealth Partners and Thierry Gevaert

CALGARY, May 17 /CNW/ - The Alberta Securities Commission (ASC) has ordered sanctions against Hav-Loc Private Wealth Partners Inc. and its president and CEO Thierry Gevaert. An ASC panel previously found that Hav-Loc Private Wealth Partners and Gevaert breached Alberta securities laws by making misrepresentations to Alberta investors.

The ASC panel found that Hav-Loc Private Wealth Partners and Gevaert made misleading and untrue statements in Hav-Loc Private Wealth Partners marketing material when they implied that they conducted objective and diligent investigation into securities they were selling. In its sanction decision, the panel noted that, "Stated simply, they told an untruth to investors. They had not conducted the due diligence they claimed to have performed."

The ASC panel ordered that:

    
    -  Hav-Loc Private Wealth Partners and Gevaert are barred from trading in
       all securities and exchange contracts (except for specified personal
       trading by Gevaert) and denied the use of securities laws exemptions
       for five years;
    -  Gevaert is barred from serving as a director or officer of any issuer
       that trades in, distributes or issues securities or exchange contracts
       to the public for five years; and
    -  Hav-Loc Private Wealth Partners and Gevaert must pay an administrative
       penalty of $15,000 and costs of $2,000.
    

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 protecting investors. As a member of the Canadian Securities Administrators, the ASC works to improve, coordinate and harmonize the regulation of Canada's capital.

For further information: For Media Inquiries: Mark Dickey, Senior Communications Advisor, [phone]; For Investor Inquiries: ASC Public Inquiries, Toll Free 1-877-355-4488