$19.5 Million Raised IllegallyThis is old news to the perpetrators, but for the rest of you, here's an example of what's happened to your company while under the control of the ousted "consultant". Do we really want to continue with business as usual?
Alberta Securities Commission News Release
Here's the text of it:
ASC Cease Trades Global 8 Environmental Technologies, Inc.
Jul 31 2009
The Alberta Securities Commission (ASC) has issued an Interim Cease Trade Order against Global 8 Environmental Technologies, Inc. based on ASC staff allegations that Global 8 engaged in an illegal distribution of Global 8 securities and failed to meet mandatory deadlines for filing its exempt distribution reports.
The Interim Cease Trade Order is in effect for 15 days and prohibits Global 8 from trading in any securities or relying on any Alberta securities laws exemptions. The ASC has also issued a Notice of Hearing in which ASC staff allege that:
between 2003 and 2009, Global 8 illegally raised in excess of $19.5 million from more than 950 Alberta investors without registration, a prospectus or appropriate exemptions; and
Global 8 failed to file its Reports of Exempt Distribution within the time required by National Instrument 45-106 Prospectus and Registration Exemptions.
The next appearance is scheduled for 9:30 a.m., August 14, 2009 in the ASC Hearing Room on the 6th Floor, 300-5th Avenue S.W., Calgary, Alberta. At that time, an ASC Panel will consider extending the interim order.
Copies of the Interim Cease Trade Order and Notice of Hearing are available at www.albertasecurities.com.
The ASC is the regulatory agency responsible for administering the province's securities laws. It is entrusted with fostering a fair and efficient capital market in Alberta and protecting investors. As a member of the Canadian Securities Administrators, the ASC works to improve, coordinate and harmonize the regulation of Canada's capital.
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For further information, please contact:
For Media Inquiries: Mark Dickey
Senior Communications Advisor
403.297.4481
For Investor Inquiries: ASC Public Inquiries
Toll Free 1.877.355.4488