An Olds businessman accused of illegally trading securities will go before an Alberta Securities Commission hearing in January.
The five-day hearing from Jan. 17 to 21 has been set to determine if there is merit to the allegations against Richard Wayne Sayler.
He is also accused of not being registered to trade securities and telling potential investors that securities he was allegedly trading were to be listed on an exchange. It is against securities commission rules to claim a security is going to be listed on an exchange, or an application to list is to be made.
The allegations are in connection with the trading and distribution of securities of Alberta-registered Reveal.ca Inc. between 2001 and 2008. Sayler allegedly raised $2.4 million from 250 investors, mostly from Central Alberta.
Reveal is described in commission documents as a company founded to perform business searching, Internet marketing and website design.
Commission spokesman Mark Dickey said if a merits hearing determines the Alberta Securities Act was breached, the commission would release a sanctioned decision.
Sayler could not be reached for comment.