ASC Settles with Lethbridge-based Investment Promoter Essen Capital Inc.

CALGARY , Oct. 28 /CNW/ - The Alberta Securities Commission (ASC) has concluded a settlement with Lethbridge-based investment promoter Essen Capital Inc. and its president, CEO and sole director, Kevin Loman for the illegal distribution of Camdeton Trading Ltd. and The Synergy Group (2000) Inc. securities to Alberta investors.

    
    Under the Settlement Agreement:

    -   Essen Capital has undertaken to permanently cease trading in
        securities in Alberta and permanently refrain from relying on Alberta
        securities laws exemptions;
    -   Loman paid $50,000 in settlement and $10,000 towards costs; and
    -   Loman also undertook to cease trading in securities in Alberta,
        refrain from relying on Alberta securities laws exemptions and
        refrain from acting as a director or officer of any issuer conducting
        business in Alberta for three years.
    

In the settlement, Essen Capital and Loman admitted they were not registered with the ASC to trade or distribute securities and did not file the required documents for such transactions with the ASC as required by Alberta securities laws. Essen Capital and Loman also admitted that they acted as investment advisors when they were not registered to act in that capacity. Essen Capital and Loman admitted that over 20 investors, most of whom were from Alberta, purchased at least $1.2 million worth of Camdeton Trading and Synergy Group securities.

A copy of the Settlement Agreement is posted 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 further information: For Media Inquiries: Mark Dickey, Senior Communications Advisor, [phone]; For Investor Inquiries: ASC Public Inquiries, Toll Free 1-877-355-4488