An Edmonton man has reached a settlement with the Alberta Securities Commission (ASC) after admitting to breaching Alberta securities laws.

In a settlement agreement, Patrick Starr admitted that between 2004 and 2005 he raised approximately $249,000 from 35 Alberta investors through the illegal distribution of securities of Innovative Energy Solutions, Inc.

Under terms of the Settlement Agreement and Undertaking, Starr paid $18,000 to settle the ASC allegations against him and $3,000 towards investigation costs.

In addition, Starr will refrain for a period of three years from trading in or purchasing securities (with certain exceptions), or acting as a director or officer of any issuer in Alberta.

A copy of the settlement agreement is posted on the ASC website at www.albertasecurities.com.