Two other men accused of violating securities laws through La Terra real estate companies have been sanctioned by the Alberta Securities Commission.
On Friday, the ASC notified Ryan Scott Allan and John Carlos Labun each a fine of $ 50,000 plus $ 5,000 related to violations by La Terra Ventures Inc., La Terra Mortgage Inc., Discovery Plains Park Limited and Eagle Ridge Park Pay Limited, based on men’s admissions.
In August, it imposed the same sentences on Mariano Giuseppe Serpico and Kevin Gary Allan. All are considered directors of the companies.
They admitted the companies were selling securities related to land acquisition and development projects without filing a prospectus, the ASC said.
La Terra Ventures was previously licensed to trade in securities without registration, and La Terra Ventures and La Terra Mortgage were licensed to trade without being registered under Alberta’s securities laws.
According to an agreed set of facts, La Terra has signed agreements with landowners to purchase their land on the condition of fundraising. It raised $ 28.4 million between 2008 and 2012 through the sale of undivided interests, or UDIs, in the land.
Projects include Discovery Plains in Olds, Eagle Ridge near Okotoks, Heritage Heights in Strathmore, Iron Landing near Crossfield, The Meadows near Claresholm and Creekside near Brooks.