Edmonton man settles with ASC for illegal trading, illegal distribution and misleading investors

CALGARY, Oct. 28, 2016 /CNW/ - The Alberta Securities Commission (ASC) has concluded a Settlement Agreement with Danish Akhtar Soleja (Soleja), Dansol International Inc.(Dansol), Graphite Finance Inc.(Graphite), Parkview Limited Partnership (Parkview LP) and 1476634 Alberta Ltd (1476 Ltd.)  

Soleja was, at all material times, the sole director and shareholder of Dansol, 1476 Ltd. and Graphite; 1476 Ltd. is the general partner of Parkview.

As part of the Settlement Agreement, Soleja paid the ASC $65,000; and for a period of seven years agreed, with limited exceptions, to refrain from the following:

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

Dansol, Graphite, Parkview and 1476 Ltd. agreed to refrain from trading in or purchasing any securities or derivatives for a period of 10 years.

Dansol admitted to raising approximately $4,925,000 without filing a prospectus with the ASC, and at no point in time was Dansol registered as a dealer with the ASC. Each of the Respondents (other than 1476 Ltd.) also admitted to making misleading or untrue statements to investors with respect to the investment.

A copy of the Settlement Agreement can be found 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

please contact: For Media Inquiries: Nicole Tuncay, Senior Communications Advisor, 403.297.4008; For Investor Inquiries: ASC Public Inquiries, Toll Free 1.877.355.4488