The Alberta Securities Commission (ASC) has concluded a settlement with Lethbridge-based investment promoter Essen Capital Inc. and its president, CEO and sole director, Kevin Loman for the illegal distribution of Camdeton Trading Ltd. and The Synergy Group (2000) Inc. securities to Alberta investors.

Over 20 investors, most of whom were from Alberta, purchased at least $1.2 million worth of Camdeton Trading and Synergy Group securities.

In the settlement, Essen Capital and Loman admitted they were not registered with the ASC to trade or distribute securities. Essen Capital and Loman also admitted they distributed securities of Camdeton and Synergy when no preliminary prospectus or prospectus had been filed by Camdeton or Synergy with the ASC as required by Alberta securities laws.

Essen Capital and Loman also admitted that they acted as investment advisors when they were not registered to act in that capacity.

Under the settlement, Essen Capital agreed to permanently cease trading in securities in Alberta and permanently refrain from relying on Alberta securities laws exemptions.

Loman paid $50,000 in settlement and $10,000 towards costs of the investigation. As well, he undertook to cease trading in securities in Alberta, refrain from relying on Alberta securities laws exemptions and refrain from acting as a director or officer of any issuer conducting business in Alberta for three years.

IE

Correction

An earlier version of this article incorrectly stated that Kevin Loman undertook to cease trading securities in Alberta permanently.

The earlier version also incorrectly stated that Essen and Loman did not file required documents with the ASC. In fact, it was Camdeton and Synergy that did not file required documents with the ASC. Jan. 21, 2010