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ASC finds Campbell, ATI, ATMIC made misrepresentations

2015-03-27 13:41 ET - News Release

Mr. Mark Dickey reports

ASC FINDS DOUGLAS CAMPBELL, ATLANTIC TIDES INCORPORATED AND ATLANTIC TIDES MORTGAGE INVESTMENT CORP. MADE MISREPRESENTATIONS TO INVESTORS

The Alberta Securities Commission (ASC) has found that Douglas Gordon Campbell, Atlantic Tides Inc. (ATI) and Atlantic Tides Mortgage Investment Corp. (ATMIC) each breached Alberta securities laws by making misrepresentations to prospective and existing investors.

An ASC panel stated in relation to certain of these misrepresentations that they "exposed those investors to financial risks they did not anticipate and delivered actual financial harm. This was wholly inconsistent with investor protection and capital market fairness, fundamental purposes of our securities regulatory regime."

The ASC panel also found that Mr. Campbell made a prohibited representation, that ATI breached a filing requirement, and that Mr. Campbell authorized, permitted or acquiesced in ATI's and ATMIC's respective breaches of Alberta securities laws. The ASC panel dismissed certain allegations, including allegations that Mr. Campbell and ATI engaged in illegal trading and distributions.

All parties have until April 10, 2015, to submit their views on a timetable for providing evidence and submissions on what, if any, orders for sanctions and costs ought to be made.

A copy of the decision is available on the ASC website.

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