ASC Seeks Bans Against B.C. Resident Cem Ali

CALGARY, May 17 /CNW/ - The Alberta Securities Commission (ASC) is seeking to reciprocate orders imposed by the British Columbia Securities Commission (BCSC) against Cem Ali.

On December 14, 2009, the BCSC ordered Ali be permanently banned from:

    
    -   trading in securities;
    -   acting as a director or officer of any issuer;
    -   acting in a management or consultative capacity in connection with
        activities in the securities market;
    -   becoming or acting as a registrant, investment fund manager or
        promoter; and
    -   engaging in investor relations activities.
    

In a BCSC settlement agreement, Ali acknowledged he illegally traded and distributed approximately US $34 million of Horizon FX Investments Limited Partnership securities.

ASC staff allege that Ali illegally distributed Horizon FX Investments Limited Partnership securities to Alberta residents.

It is anticipated that the ASC panel will consider this application in July 2010.

A copy of the Notice of Hearing 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.

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