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SOURCE Alberta Securities Commission
CALGARY, April 28, 2014 /CNW/ - The Alberta Securities Commission (ASC) has reciprocated certain sanctions the Ontario Securities Commission (OSC) imposed against FactorCorp Inc., FactorCorp Financial Inc. and Mark Twerdun.
An ASC panel ordered that:
In a February 22, 2013 decision, the OSC found that Ontario securities laws were contravened when: FactorCorp Financial failed to file offering memoranda with the OSC; FactorCorp Financial and FactorCorp made materially misleading or untrue statements in offering memoranda and promotional materials; FactorCorp Financial and Twerdun breached a temporary OSC cease-trade order; Twerdun authorized, permitted or acquiesced in FactorCorp Financial's and FactorCorp's contraventions; and FactorCorp Financial and Twerdun improperly used the accredited investor exemption.
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.
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