ASC reaches $250,000 settlement with Keystone
Reps not registered to provide financial advice
Sunday, July 27, 2008
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The Alberta Securities Commission (ASC) has concluded a settlement with Keystone Real Estate Investment Corp. of Red Deer and its principals, Ron and Travis Cadman, for making misrepresentations to the public in promotional material and information seminars, and for acting as advisors without being registered.
Keystone and the Cadmans paid the ASC $250,000 to settle the allegations and $10,000 towards costs.
The Cadmans also agreed to resign from all positions as directors or officers and to refrain from becoming or acting as directors or officers or both of any issuer for a period of two years.
In the settlement agreement, Keystone and the Cadmans admitted that:
> Keystone’s advertising included untrue claims with respect to its history of successful past real estate projects;
> certain offering memoranda used to solicit investments did not disclose the Cadmans’ past bankruptcies as required by Alberta securities laws; and
> Keystone representatives had held themselves out to the public as being in the business of providing investment advice when they were not registered to do so.
A copy of the Settlement Agreement is posted on the ASC Web site.
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