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Apr 19, 2022
CALGARY – The Alberta Securities Commission (ASC) has found that Jan Gregory Cerato (a.k.a. Jan Strzepka) illegally distributed securities contrary to section 110 of the Securities Act (Alberta). An ASC panel also found that Cerato had not established that his constitutional rights were infringed.
In its decision, the ASC panel determined that Cerato raised at least $200,000 by entering into investment contracts with at least 16 investors. The panel noted that investors paid a minimum of $10,000 or the equivalent in Bitcoin with the understanding that their funds would be pooled and used to trade cryptocurrencies and that they would share in any profits realized from that trading activity. The ASC panel found that a prospectus had not been filed for the investment contracts and that Cerato could not rely on the private investment club exemption in section 2.20 of National Instrument 45-106 Prospectus Exemptions because the securities were distributed to the “public.”
The proceeding will now move into a second phase to determine what, if any, orders for sanction or cost-recovery ought to be made against Cerato. The timing of the next steps will be set after hearing from the parties.
A copy of the decision is available on the ASC website at asc.ca.
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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