An Alberta Securities Commission panel has ordered Tracy Lee Kroeker of St. Albert, Alta. to pay $45,000, and Beverly Kamerling and Tolan Shigeo Furusho of Bellevue, Wash, to each pay $75,000 in administrative penalties and costs to the ASC.

In addition, the ASC panel ordered that each is banned from the Alberta capital markets (with limited exceptions) as follows: Kroeker for seven years; Kamerling permanently; and Furusho for 10 years.

On June 15, 2007, the ASC panel found that in February and March 2004 much of the approximately US$300,000 raised during the sale of shares in a Nevada company known at that time as Goldtech Mining Corp. was illegally raised in Alberta. The panel also found that Kroeker, Kamerling and Furusho had a significant role in the illegal sales of those shares to Alberta residents.

In its decision, the panel noted that Kroeker, Kamerling and Furusho “engaged in a course of conduct in the Goldtech distribution that … deprived Alberta investors of the basic protections to which they were entitled by law. This was serious misconduct.” The panel concluded that “this is a case in which significant sanctions against each respondent are in the public interest.”

A copy of the decision in its entirety is posted on the ASC Web site.