The Alberta Securities Commission has issued an interim cease-trade order against a Red Deer resident and a Red Deer company.
Chad Delbert Burback and Canadian Alternative Resources Inc., as well as Vancouver-based Halo Property Services Inc., are prohibited from trading in Canadian Alternative Resources and Halo Property Services securities, or any other securities. They also cannot rely on any Alberta securities laws exemptions.
The order, which is in effect until June 11, stems from allegations that Burback and the two companies engaged in illegal trading and distribution of securities. An Alberta Securities Commission panel issued it after hearing evidence that Burback and the two companies distributed securities in Alberta without registration, a prospectus or an applicable exemption.
The commission felt that delaying action until a hearing could be held and a decision rendered might be prejudicial to the public.
A news release issued by the commission said an application to extend the interim order is expected to be made prior to its expiry.