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ASC alleges illegal distributions, prohibited representations and unfair practices in sales of securities by Platinum Equities Inc.
By: PR Newswire
Sep. 14, 2012 11:20 AM
CALGARY, Sept. 14, 2012 /CNW/ - Alberta Securities Commission (ASC) staff have issued a Notice of Hearing alleging that Platinum Equities Inc. and its principals, Shariff Chandran and Chitra Chandran, took part in illegal distributions of the securities of a number of Platinum Equities-affiliated real estate investment vehicles.
It is also alleged that Platinum Equities Inc. and its principals authorized, permitted or acquiesced in the making of prohibited representations contained in an offering memorandum and various other promotional materials published in connection with two different offerings promoted by Platinum Equities Inc., and generally failed to implement and maintain appropriate oversight of Platinum Equities Inc. sales consultants.
An appearance to set a date for the hearing regarding these allegations is scheduled for 1:30 p.m. on October 10, 2012 in the ASC Hearing Room, 5th floor, 250 - 5th Street SW, Calgary, Alberta.
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.
SOURCE Alberta Securities Commission
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