The Alberta Securities Commission (ASC) has concluded a settlement agreement with the Calgary-based La Terra corporations, which include: La Terra Ventures Inc., La Terra Mortgage Inc., Discovery Plains Park Limited, and Eagle Ridge Park Ltd., the regulator announced on Monday.
The companies admitted to selling securities related to land acquisition and development projects without filing a prospectus and without an exemption from that requirement, the regulator says.
La Terra Ventures admitted to trading in securities without being registered, and La Terra Ventures and La Terra Mortgage admitted to acting as a dealer without being registered in accordance with Alberta securities laws.
Directors Mariano Serpico and Kevin Allan admitted to having authorized, directed or acquiesced to violations of Alberta securities laws by the La Terra corporations.
Under the settlement agreement, Serpico and Allan each paid the ASC $50,000 in settlement and $5,000 for costs. The La Terra corporations, Serpico and Allan all agreed to not use any of the exemptions in Alberta securities laws for a period of one year.
ASC staff have also issued a notice of hearing alleging that directors John Labun and Ryan Allan authorized, directed or acquiesced to violations of Alberta securities laws by the La Terra corporations.
These allegations have not been proven.
An appearance to set a date for a hearing will be held on Sept. 14 in Calgary.