Calgary nominee director admits to breaching Alberta securities laws

CALGARY, Dec. 23, 2015 /CNW/ - Calgary resident Kenneth Gilbert Edmundson has entered into a Settlement Agreement with the Alberta Securities Commission (ASC), admitting that he made material misrepresentations and engaged in conduct contrary to the public interest. Edmundson paid the ASC $12,500 and agreed to an eight-year ban from becoming or acting as a director or officer of any issuer in Alberta.

In the agreement, Edmundson admitted he was paid $3,000 by British Columbia resident Brent Glen Jardine to act as a nominee director and officer for Claridge Ventures Inc. (now Indo Global Exchange(s) Pte, Ltd.). At the time, Jardine was subject to a two-year director and officer ban levied by the British Columbia Securities Commission for misconduct in that province. Edmondson admitted that from 2008 to 2013, he made numerous misleading and untrue statements in company public disclosure documents regarding his actual role with and control over the company.  Edmundson also omitted the fact that Jardine was the de facto director and officer of the company and the company had no business operations and was intended from the outset to be a shell corporation quoted for trading on the U.S. over-the-counter markets.

As a result of this Settlement Agreement, ASC staff have withdrawn all allegations in a Notice of Hearing dated November 3, 2015, and have discontinued proceedings against Kenneth Gilbert Edmundson and Robert Lionel Edmundson.

A copy of the Settlement Agreement 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.

SOURCE Alberta Securities Commission

For Media Inquiries: Mark Dickey, Senior Communications Advisor, 403.297.4481; For Investor Inquiries: ASC Public Inquiries, Toll Free 1.877.355.4488