The Alberta Securities Commission (ASC) has ordered sanctions against Hav-Loc Private Wealth Partners Inc. and its president and CEO Thierry Gevaert.

An ASC panel previously found that Hav-Loc and Gevaert breached Alberta securities laws by making misrepresentations to Alberta investors.

The ASC panel found that Hav-Loc and Gevaert made misleading and untrue statements in Hav-Loc Private Wealth Partners marketing material when they implied that they conducted objective and diligent investigation into securities they were selling. In its sanction decision, the panel noted that, “Stated simply, they told an untruth to investors. They had not conducted the due diligence they claimed to have performed.”

The ASC panel ordered that:

• Hav-Loc Private Wealth Partners and Gevaert are barred from trading in all securities and exchange contracts (except for specified personal trading by Gevaert) and denied the use of securities laws exemptions for five years;

• Gevaert is barred from serving as a director or officer of any issuer that trades in, distributes or issues securities or exchange contracts to the public for five years; and

• Hav-Loc Private Wealth Partners and Gevaert must pay an administrative penalty of $15,000 and costs of $2,000.