News Release

ASC alleges David Keith Talbot breached Alberta securities laws

Apr 04, 2022

CALGARY – April 4, 2022 –  The Alberta Securities Commission (ASC) has issued a Notice of Hearing alleging that David Keith Talbot made misleading statements that would reasonably be expected to have a significant effect on the market price or value of the securities of Weslease Income Growth Fund (Weslease).

According to the Notice of Hearing, through an exempt market dealer Weslease raised $68 million from investors in the exempt market. It is alleged that investors were misled as to Weslease’s risk profile and profitability, financial reporting, and payment terms for significant leases that it held. The misleading statements are alleged to have occurred between April 2014 and April 2018.

It is also alleged that Talbot engaged in conduct contrary to the public interest by misleading investors.

The allegations have not been proven.

An appearance to set a date for a hearing will be held on May 25, 2022 at 9:00 a.m.

A copy of the Notice of Hearing can be found 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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For Media Inquiries:

Theresa Schroder
Senior Advisor, Communications
587.830.4286
theresa.schroder@asc.ca

For Investor Inquiries:

ASC Public Inquiries
Toll Free: 1-877-355-4488