Hearing date set for proposed Sundre development
A date has been set for an Alberta Securities Commission (ASC) hearing regarding a proposed RV park development in Mountain View County just west of Sundre.
Sundre Development Ltd., Aspen Springs Capital Groups Inc., and William Joseph Sander have proposed the building of a multi-use recreational vehicle facility along the Bearberry Creek west of Highway 22.
An Interim Cease Trade Order against the parties was issued on July 21, 2010 after the commission received “evidence from ASC staff suggesting that Aspen Springs Capital Group, Sundre Development and Sander had made prohibited representations and had engaged in illegal trading and distribution of Sundre Development securities,” the ASC said.
The order, which remains in place, prohibits all trading in or purchasing of Aspen Springs Capital Group and Sundre Development securities.
In January, the ASC panel extended the order after “receiving evidence that ASC staff continue to investigate alleged breaches of Alberta securities laws by Aspen Springs Capital Group, Sundre Development and Sander,” the commission said.
Repeated attempts last week to reach Sander, Aspen Springs and Sundre Development for comment were not immediately successful.
It is not known how much money the companies have raised towards the project or how many shareholders may be involved. However, there have been media reports that $1.3 million has been raised from 34 shareholders.
An ASC hearing before a three-person panel will be held in Calgary starting on December 3, said ASC spokesperson Mark Dickey.
“The interim cease trade order will remain in place until the hearing into the allegations are held and a decision is rendered,” Dickey told the Gazette on Wednesday. “It is scheduled for seven total days.”
It is not known if Sander will be attending the hearing.
“He can attend, he and his lawyer could attend, or his lawyer could attend, but the hearing will go ahead on that date,” Dickey said. “Typically what is going to happen is the ASC will present its case in to the allegations and then the respondent has a chance to present their case.”
The hearing cease trade order and the hearing are being conducted under the Alberta Securities Act.
Until the hearing is held and a ruling made by the ASC panel, Sander, Sundre Development Ltd, and Aspen Springs Capital Group are not permitted to “trade any securities or use any exemptions. Securities can be shares, certificates, profit-sharing agreements. He can’t raise money through the trading of securities,” he said.
The companies and Sander are not prohibited from working on the project before the hearing.
“I don’t see anything stopping him from doing that,” he said.
There did not appear to be any construction going on at the site last week.
The commission administers the requirements of Alberta's securities laws.