The Alberta Securities Commission has reached a $90,000 settlement with former Reveal.ca Inc. CEO Richard Wayne Sayler regarding allegations of illegally distributing Reveal.ca securities and making prohibited representations.

Under the Settlement Agreement, Sayler also agreed to pay $5,000 towards the costs of the ASC’s investigation, cease trading in or purchasing securities or exchange contracts, not to act acting as a director or officer of any issuer, registrant or investment fund manager, and not to act in a management or consultative capacity in connection with securities market activities, all for a period of 10 years.

In the Settlement Agreement, Sayler admitted to trading in and distributing securities without registering, filing a prospectus or using an applicable exemption. Sayler also acknowledged that he made prohibited representations to investors when he stated that Reveal.ca securities would be listed on an exchange.

IE