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SOURCE Alberta Securities Commission
CALGARY, May 9, 2014 /CNW/ - The Alberta Securities Commission has sanctioned Alberta businessman Ronald Theodore Cloutier (Cloutier) and his companies, Venture Contractors Ltd. (Venture), Viva Communications Ltd. (Viva), Sunterra Resource Audit Equipment Ltd. (SRAE), and Sunterra Seismic Inc. (SSI), for perpetrating a fraud on investors, illegally trading and distributing securities and making misleading and untrue statements to investors.
In a January 2014 decision, an ASC panel also ruled that Cloutier, Venture and Viva made prohibited representations and engaged in the unfair practice of pressuring investors, and that Cloutier breached an ASC Interim Cease Trade Order issued against him and his companies.
The ASC panel made the following orders:
In its decision, the ASC panel noted that this "capital-market misconduct has caused substantial financial harm to Purchasers" and "we conclude that, unless tightly and permanently constrained, Cloutier would pose a serious risk of future harm to the Alberta capital market and the investing public."
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 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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