The Alberta Securities Commission (ASC) has imposed trading bans and administrative penalties on Executive Marketing & Strategies Ltd. (EMS) and Calgary residents Carol Sayers, Jennifer Sayers and Ryan Sayers for the illegal selling of EMS securities.

The Sayers and EMS raised roughly $10 million from over 300 investors without complying with Alberta securities laws. Approximately 90% of these investors were residents of Alberta.

During an ASC hearing, the Sayers admitted that they solicited investments in EMS characterized as loan agreements without being registered to do so and without filing a prospectus with the ASC. The Sayers also acknowledged that they withheld information reasonably required for an ASC investigation and that their conduct was contrary to the public interest.

An ASC panel ordered the following sanctions and costs:

> EMS – permanent cease-trade and denial of exemptions orders and an administrative penalty of $100,000;

> Carol Sayers – 10-year cease-trade, denial of exemptions orders and director and officer bans, an administrative penalty of $100,000 and costs of $15,000;

> Jennifer Dawn Sayers – seven-year cease-trade, denial of exemptions orders and director and officer bans, an administrative penalty of $40,000 and costs of $10,000; and

> Ryan Sayers -15-year cease-trade, denial of exemptions orders and director and officer bans, an administrative penalty of $250,000 and costs of $30,000.