The Alberta Court of Appeal has upheld Alberta Securities Commission (ASC) decisions and sanctions against Toronto businessman Al Grossman and Maitland Capital Ltd. related to illegal trades and distributions of Petroleum Unlimited securities, the ASC said Thursday.
In June 2007, an ASC panel found that between September 2004 and January 2006, Grossman and other Maitland Capital salespersons raised approximately $2.7 million from over 500 Alberta investors — even though Grossman and the other salespersons were not registered to trade in securities.
The ASC panel also determined that Grossman made misrepresentations to Maitland Capital investors, made false statements to an ASC investigator and permitted or encouraged a Maitland Capital salesperson to engage in an unfair practice.
In November 2007, the ASC panel banned Grossman from trading in securities, using Alberta securities laws exemptions or acting as a director or officer of any issuer for 20 years. The panel also ordered Grossman to pay an administrative penalty of $250,000 and $40,000 in costs. Maitland Capital was ordered to pay $15,000 in costs and prohibited from trading in securities until the ASC issued a receipt for a prospectus.
Al Grossman is also known as Abraham Grossman and Allen Grossman.
Copies of the June 7, 2007 decision and Nov. 6, 2007 decision are available on the ASC website.
IE