The Alberta Securities Commission has imposed permanent market bans against Jeanette Couch, Shire International Real Estate Investments Ltd. and Bearspaw at 144th Avenue Ltd. for making misrepresentations in an offering memorandum and fraudulent conduct.
An ASC panel also sanctioned Couch, Shire, Shire Asset Management Ltd. and Hawaii Fund for making misrepresentations in another offering memorandum.
The panel found that Couch blatantly misled investors and misapplied money in a course of conduct that perpetrated a fraud. The ASC panel stated that the “nature of the misconduct – at root, simple deceit – coupled with the impenitence of Couch and the resultant grave risk we perceive of future harm from the Respondents, lead us to conclude that all of the Respondents pose a permanent danger to the investing public.”
The ASC panel ordered that:
- Couch, Shire and Shire Asset Management pay in total an administrative penalty of $750,000, and costs of $120,000;
- Couch, Shire, Shire Asset Management, Bearspaw and Hawaii Fund be permanently banned from: trading in securities using securities laws exemptions, acting as investment fund managers or promoters, and acting in management or consultative capacities in connection with securities market activities;
- Couch be permanently banned from becoming or acting as a director or officer of any issuer or investment fund manager;
- Bearspaw and Hawaii Fund pay costs of $10,000 each; and
- all trading in or purchasing of Bearspaw and Hawaii Fund securities must permanently cease.