Le Lézard
Classified in: Business
Subject: LAW

ASC alleges Edmonton resident Devon Christopher Edwards and KB Crypto Inc. breached Alberta securities laws

CALGARY, AB, Sept. 20, 2023 /CNW/ - The Alberta Securities Commission (ASC) has issued a Notice of Hearing alleging that Devon Christopher Edwards and KB Crypto Inc. engaged in illegal distributions and unregistered dealing in securities.

According to the Notice of Hearing, between February 2021 and November 2022, Edwards and KB Crypto raised approximately $446,600 USD from 75 investors to invest capital into a pooled investment used to purchase and trade in contracts for difference (CFDs) on the investors' behalf. Through these CFDs, investors could indirectly participate in the price movements of foreign currencies, cryptocurrencies, commodities and other assets.

The Notice of Hearing alleges that these investments were distributions of securities within the meaning of the Securities Act (Alberta), and that Edwards and KB Crypto breached securities laws by selling these investments without a prospectus and without qualifying for any prospectus exemptions. The Notice of Hearing further alleges that Edwards and KB Crypto were engaged in the business of dealing in securities without being registered in any capacity as required under Alberta securities laws.

These are allegations and have not been proven in a hearing.

An appearance to set a date for a hearing will be held on Wednesday, October 11, 2023 at 2:30 p.m.

A copy of the Notice of Hearing can be found on the ASC website at asc.ca.

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 with protecting investors. As a member of the Canadian Securities Administrators, the ASC works to improve, coordinate and harmonize the regulation of Canada's capital markets.

SOURCE Alberta Securities Commission

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