RE:intent to misrepresent ASC clearly states
[43] A "misrepresentation" (defined in section 1(ii) of the Act) is:
• "an untrue statement of a material fact";
• "an omission to state a material fact that is required to be stated"; or
• "an omission to state a material fact that is necessary to be stated in order for a
statement not to be misleading".
[44] As defined in section 1(gg) of the Act, "material fact" means "a fact that
significantly affects or would reasonably be expected to have a significant effect on the
market price or value" of a security.
I recall years ago I was personally involved with a misrepresentation of a security in Alberta still recall what the ASC decision was concerning my experience that the story how I got my mug I didn't cash the witness cheque but I kept the mug......lol
For
reasons unexplained, other investors bought him out and he apparently took no further
action.
G. Use of Proceeds
[32] None of the investor witnesses – apart from the one just mentioned whose
investment was bought out by fellow investors – has received any return on, or of, their
investment.