A Calgary man has settled with the Alberta Securities Commission (ASC) in connection with a $1.2 million illegal distribution.
The ASC announced that it has approved a settlement agreement with Ryan James McCool, who admitted that he violated securities laws in allowing Sundre River Resorts to raise approximately $1.2 million from approximately 30 investors without filing a prospectus or an exemption.
According to the settlement, Sundre and McCool purported to rely on the accredited investor exemption or the family, friends and business associates exemption. However, he admitted that some of the units were inadvertently sold to investors who did not qualify under either exemption. The regulator noted that McCool has cooperated with its investigation.
McCool agreed to pay $15,000 to the ASC, and $2,000 in costs, to settle the case. He also agreed to refrain from using any exemptions, and not to act as a director or officer of any issuer, registrant or investment fund manager that is relying on any exemptions, for two years.