(March 24 – 16:00 ET) – The Alberta Secutrities Commission has sanctioned Ronald Thomas Hall and Arny Wilfred Bartel after investigating the activities of Valiant Resources Ltd., Valiant Place Inc., Entertainment International Inc. and Canada Country Marketing Inc.
The ASC found that licences sold to Alberta residents for Valiant Country Place were securities as defined under the Alberta Securities Act. Valiant Country Place was designed to be a large country music and rodeo entertainment centre on lands adjacent to Valiant R.V. Park, north of Okotoks, Alta.
The ASC also found that oil and gas production loan agreements sold to Alberta residents by Valiant Resources Ltd. and Mr. Bartel were securities as defined under the Securities Act.
The Securities Act requires that in order to sell securities to the public a prospectus must be filed with the ASC and the person or company selling the securities must be registered. The ASC found that neither of the companies nor Mr. Bartel or Mr. Hall had filed a prospectus or was registered to sell the securities.
As a result, Mr. Hall has been ordered to resign and is prohibited from holding a position as an officer or director of any issuer in Alberta for one year. He was also ordered to cease trading in securities of any issuer in Alberta and denied the right to use any exemptions under the Act for one year. Mr. Hall has also been ordered to pay $2,000 in costs to the ASC.
Mr. Bartel has been ordered to resign and is prohibited from holding a position as an officer or director of any issuer in Alberta for 10 years. As well, he was ordered to cease trading in securities of any issuer in Alberta and denied the right to use any exemptions for 10 years. Mr. Bartel has also been ordered to pay $5,000 in costs to the ASC.
-IE Staff