Edmonton based businessman Jay Peers and son Robert Peers plead guilty in Provincial Court

CALGARY, Feb. 9, 2016 /CNW/ -  Edmonton-based businessman Jeremy (Jay) Peers  has pled guilty in the Provincial Court of Alberta to 11 counts of breaching Alberta's securities laws.  His son, Robert Peers, pled guilty to one count of contravening the Securities Act (Alberta).

Jay Peers pled guilty to two counts of perpetrating a fraud on investors, five counts of making untrue or misleading statements regarding investing in Federal Mortgage Corporation Ltd. and Peers Foster Kristiansen Inc., one count of allowing Federal Mortgage Corporation Ltd. to make untrue or misleading statements to investors, one count of distributing securities without filing a prospectus or using an applicable exemption, and two counts of acting as a dealer and adviser without registration.  Robert Peers pled guilty to perpetrating a fraud on investors. All other charges laid by the ASC in this case have been withdrawn.

The charges against the Peers relate to trading in Federal Mortgage Corporation and Peers Foster Kristiansen securities from 2006 to 2010. 

Sentencing is scheduled for February 22, 2016.

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

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