The Alberta Securities Commission (ASC) has found that a Florida firm breached provincial securities laws and acted contrary to the public interest by engaging in illegal distributions of securities to Alberta residents.

An ASC panel found that Boca Raton-based Global Petroleum Strategies, LLC illegally traded and distributed Petroleum Unlimited securities to Alberta investors without registration or a prospectus, and without exemptions.

In its decision, the ASC panel described Global Petroleum’s conduct as “egregious” and said that it “may have harmed and certainly put in jeopardy identifiable investors.”

The ASC panel concluded that, “In operating its classic boiler room — designed to inveigle the unwary into handing over their money – Global exhibited a cynical disregard both for investors and for the spirit (as well as the letter) of Alberta securities laws.”

Written submissions regarding possible sanctions against Global Petroleum will be submitted to the ASC panel and, if necessary, the hearing will be reconvened.

IE