ASC finds Douglas Campbell, Atlantic Tides Incorporated and Atlantic Tides Mortgage Investment Corp. made misrepresentations to investors

CALGARY, March 27, 2015 /CNW/ - The Alberta Securities Commission (ASC) has found that Douglas Gordon Campbell, Atlantic Tides Incorporated (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 Campbell made a prohibited representation, that ATI breached a filing requirement, and that 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 Campbell and ATI engaged in illegal trading and distributions. Â

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 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.

SOURCE Alberta Securities Commission