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by Mike Caswell
The Alberta Securities Commission has filed an administrative action against Cash Store Financial Services Inc., a defunct Toronto Stock Exchange listing that provided "alternative financial products." The ASC cites the company for false and misleading financial statements that it filed in 2012 and 2013. Among other things, the company failed to properly disclose payments to third party lenders, the ASC says.
The allegations are contained in a notice of hearing that the ASC released on Thursday, Nov. 16. In addition to Cash Store Financial, the respondents are Gordon Reykdal and Nancy Bland, both Alberta residents. Mr. Reykdal was Cash Store's chief executive officer and Ms. Bland was its chief financial officer.
The hearing notice describes Cash Store as a provider of payday loans in Canada and the United Kingdom. The company provided the short-terms loans in return for the payment of fees and interest (at rates far higher than any other lending institution). It had a head office in Edmonton.
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