The Alberta Securities Commission today announced a settlement with Edmonton resident Richard Kearl regarding allegations of illegal distribution of securities and misrepresentations.

In a settlement agreement, 53-year old Kearl admitted that he solicited $105,500 from four Alberta investors on the basis that the investors would receive their money back along with shares in NCC Inc. or an unspecified publicly traded company. Although investors received shares of Canglobe Inc., they did not receive any return of funds.

Kearl admitted that he illegally distributed Canglobe Inc. securities, and that he traded in securities of NCC Inc. and GeNOsys Biotechnologies Inc. without being registered. Kearl also admitted to making several misrepresentations to the investors to induce them to purchase securities.

Under the terms of the settlement, Kearl paid $18,000 to the Commission and agreed to cease trading in and purchasing securities, with limited exceptions, for a period of five years.

A copy of the Settlement Agreement is posted on the ASC website at www.albertasecurities.com.