An Olds businessman is in hot water with the Alberta Securities Commission.
Richard Wayne Sayler has been accused of illegally trading securities and telling potential investors the securities would be listed on an exchange.
Commission spokesman Mark Dickey said it is alleged that Sayler was not registered to trade securities.
Another allegation is related to rules prohibiting traders from telling investors that certain securities would be listed, or an application would be made to list, securities on an exchange.
The commission alleges between 2001 and 2008 Sayler traded and distributed securities of an Alberta-registered company, Reveal.ca Inc. He raised $2.4 million from 250 investors, mostly from Alberta, alleges the commission in an Aug. 4 notice of hearing.
It is also alleged Sayler failed to file a prospectus or offering memorandum with the commission.
The commission says Sayler met with its staff in April 2004 regarding the distribution of Reveal securities. He also got legal advice at that time, say commission documents.
Reveal is described in commission documents as a company founded to perform business searching, Internet marketing and website design.
A Wednesday, Sept. 8, 2010, date has been set in Calgary to deal with preliminary matters and set a hearing date to deal with the allegations.
Messages left for Sayler at his office were not returned.
If found guilty of breaking the rules, the commission can order people to cease trading in securities or exchange contracts, or be prohibited from acting as a manager of consultant involved in the securities market, or hold any positions related to investment fund management. Administrative penalties could also be considered.
Reveal’s website says the company’s “mission is to . . . promote a company’s products and services online, on the Internet.”
It lists of clients include Civil Air Search and Rescue, Olds Minor Hockey, Surrey Female Minor Hockey and Remax Central Alberta.
In 2008, Sayler unsuccessfully applied to Red Deer County to close down a portion of Secondary Hwy 781 for a street race for high-end cars.