ASC staff alleges Calgary land developer mislead investors

CALGARY, May 2, 2012 /CNW/ - Alberta Securities Commission (ASC) staff have issued a Notice of Hearing alleging that Sundre Development Ltd., Aspen Springs Capital Group Inc. and William Joseph Sander engaged in an illegal distribution of securities and made misrepresentations to Alberta investors.  ASC staff also alleged that Sundre Development filed false documents with the ASC.

In the Notice, ASC staff allege that Sundre Development raised approximately $1.3 million selling securities to at least 32 investors in 2010 without filing a prospectus with the ASC and without an appropriate exemption for all the sales.  Aspen Springs was involved in promoting the sale of these securities, and Sander authorized, directed and participated in the alleged illegal activity.  According to the allegations, Sundre Development, Aspen Springs and Sander also made misrepresentations regarding the project to be developed on Sundre Development lands.

An appearance to set a date for hearing will be held on Friday, May 11, 2012, at 9 a.m. in the ASC Hearing Room, 5^th floor, 250-5^th Street SW, Calgary, Alberta.

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 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

For Investor Inquiries: 
ASC Public Inquiries
Toll Free 1.877.355.4488