Developers Settle Investment Charges
Three people who raised $2.9 million to build an RV park on a golf course at Pigeon Lake, 60 miles southwest of Edmonton, Alberta, have agreed to pay a total of $115,000 to settle Alberta Securities Commission charges, the Calgary Herald reported.
Meanwhile, their private British Columbia-based company, Mountain Shore Land Ventures Ltd., has committed to correct misinformation it previously provided to investors within 30 days and offer an optional refund of their investment by Dec. 31, 2014, the ASC said in a news release.
An agreed statement of facts posted Tuesday (Feb. 4) notes that Mountain Shore negotiated the $5-million purchase in early 2011 of two pieces of land at the Dorchester Resort near Pigeon Lake.
Between February and September, the respondents sold securities in Mountain Shore, raising about $2.9 million from 23 investors, including 18 from Alberta, without filing a prospectus, offering memorandum, or exempt distribution reports.
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