The Alberta Securities Commission has scheduled a hearing for Tuesday, September 11, regarding the conduct of Edmonton resident Cheryl-Lynn Braun. The hearing relates to Braun’s April 2007 conviction for fraud in an Edmonton criminal court and will be conducted under the reciprocal enforcement provisions of the Alberta Securities Act.

Braun was sentenced to seven years in a federal penitentiary in relation to the sale of securities to 89 investors in which she raised over $22 million between January 2002 and July 2004. Braun told investors that their funds would be invested in one of two investment schemes and would generate a 50% and 100% return in one or two months. However, approximately $10 million of those funds were spent and lost by Braun in Edmonton area casinos. In addition, excluding a portion paid back to earlier investors, Braun spent the remaining funds on personal expenses.

ASC staff allege that Braun’s misconduct mandates her removal from the Alberta capital markets in order to protect all market participants.