The Alberta Securities Commission (ASC) has scheduled a hearing for Thursday, October 11, regarding the conduct of Calgary resident Brian Paul Kuhn. The hearing will be conducted under the reciprocal enforcement provisions of the Alberta Securities Act and will relate to Kuhn’s 10 convictions in a Cayman Islands criminal court for theft of investors’ funds.

On Sept. 3, 2003, Kuhn was sentenced to three years in a Cayman Islands prison in relation to the sale of securities to investors in which he raised almost $3 million between April 2002 and May 2003. Kuhn told investors that their funds would be invested in an established US company that generated profit by buying medical receivables at a discounted rate and then collecting the full amount of the receivables at a later date. However, approximately $2 million of those funds were spent by Kuhn to cover personal expenses or were forwarded to other companies he owned.

ASC staff allege that Kuhn should be removed from the capital markets as he poses a serious risk to investors and all market participants.

A copy of the Notice of Hearing outlining the allegations in their entirety is available on the ASC Web site.