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Jul 21, 2020
CALGARY – July 21, 2020 - The Provincial Court of Alberta has found Ronald James Aitkens guilty of one count of fraud and another count of making false or misleading statements in an offering memorandum, contrary to the Alberta Securities Act. The findings stem from the distribution and sale of securities, through the use of the offering memorandum exemption, in a real estate investment opportunity known as Legacy Communities Inc.
In his reasons for the decision, Judge L.W. Robertson stated, “It is a fundamental principle that representations contained in offering memoranda must be fair and accurate. There must be no misrepresentation, either by deliberate statement or omission of critical facts. It is not the obligation of the investor to sift through the materials, carefully inspecting and weighing what might be truthful and accurate and cautioning themselves about might not be. Instead, it is the obligation of the party seeking the investment capital, the issuer, to provide only accurate and truthful facts about the opportunity. An investor is entitled to rely on this information before deciding whether or not to place their money into a particular venture.”
Sentencing submissions are scheduled for September 4, 2020 in Calgary Provincial Court.
A copy of the court’s decision is available on the ASC website at www.albertasecurities.com.
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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