CALGARY, Aug. 7 /CNW/ - The Alberta Securities Commission (ASC) has ordered that First Global Ventures, S.A. and its principal, Allen Grossman, be permanently banned from trading or using any exemptions under Alberta securities laws. The ASC panel based its decision on similar orders issued against First Global and Grossman by the New Brunswick Securities Commission (NBSC) and the Ontario Securities Commission (OSC). Panels of the NBSC and the OSC had found that First Global and Grossman were involved in a scheme that involved investors in a company called Maitland Capital Ltd. Under the scheme First Global representatives contacted Maitland investors and offered the opportunity to exchange their shares in Maitland, plus additional cash, for shares in First Global. The scheme breached securities laws since both Maitland and...
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