The Alberta Securities Commission (ASC) has imposed sanctions against Vincenzo (Vincent) Sirianni for breaching securities laws by illegally distributing securities without use of a prospectus or an available exemption, making materially misleading or untrue statements to potential investors and by perpetuating a fraud on investors.

The ASC panel ordered that Sirianni:

pay an administrative penalty of $180,000 and pay $9,000 towards the cost of the investigation;
be permanently prohibited from trading in or purchasing securities and from using exemptions under Alberta securities laws;
be permanently prohibited from acting as a director or officer of any issuer, registrant or investment fund manager; and
be permanently prohibited from acting in a management or consultative capacity in connection with activities in the securities market.

In ordering the sanctions, the ASC panel ruled: “These significant sanctions will communicate to both Sirianni and other market participants that contraventions of Alberta securities laws will not be tolerated and will attract significant consequences.” Between July and December 2010, Sirianni raised $60,000 to $80,000 from at least 12 Alberta investors.