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SOURCE Alberta Securities Commission
CALGARY, Sept. 18, 2013 /CNW/ - An Alberta Securities Commission (ASC) panel has found that Ralph William Burgess and his company Peer Financial Ltd. acted as advisors without being registered with the ASC to act in that capacity. In addition, Burgess and Peer Financial, along with Burgess's other company RBEE Capital Associates Ltd., made misrepresentations to Alberta investors. All the named parties were also found to have acted contrary to the public interest and sanctions were made against them.
The ASC panel ordered that:
In making its decision, the ASC panel stated that, in addition to the seriousness of illegal advising: "The Respondents' misleading or untrue statements made to Peer Financial clients also comprised serious misconduct. The Respondents lied to some of their clients, reassuring them with false statements and promises about certain issuers' levels of success, how the invested money was to be used, and the security of the investments."
Peer Financial, RBEE Capital and Burgess admitted that they raised in excess of $11 million from at least 100 Peer Financial clients. The ASC panel noted: "Most, if not all, of this money has been lost, with these investors having little prospect for return of any of their investment money."
The ASC is the regulatory agency responsible for administering the province's securities laws. It is entrusted to foster a fair and efficient capital market in Alberta and to protect investors. As a member of the Canadian Securities Administrators, the ASC works to improve, coordinate and harmonize the regulation of Canada's capital markets.
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