The Alberta Securities Commission (ASC) has issued market bans against B.C. resident Gregory William Rivers. The reciprocal order, based on a sanction issued on Feb. 21, 2008 by the British Columbia Securities Commission (BCSC), bans Rivers from trading in or purchasing securities and prohibits him from acting as a director or officer of any issuer or relying on exemptions under Alberta securities laws until Feb. 21, 2020.

In the settlement agreement with the BCSC, Rivers admitted to illegally distributing $4.5 million of NOF Electrical Generation Inc. preferred shares to individuals in five provinces. Rivers also admitted that he failed to inform investors of certain material facts, contravened B.C. securities laws and that his conduct was contrary to the public interest.

ASC staff presented evidence to the ASC panel that indicated Rivers had raised more than $1.8 million from at least 40 Alberta residents. In granting the reciprocal order, the ASC panel stated “We consider that it is appropriate to make orders designed to restrict Rivers from repeating his misconduct in Alberta and to deter others from similar misconduct.”