ABC District BOD Letter to Members Regarding the ASC Settlement

I've just received a copy of a letter the post-restructured ABC District BOD sent to the membership about the LCC - ASC Settlement. The original copy of the letter is here and my backup copy is here. The copy I have is a graphical image so I typed the letter contents in this blog post by hand -... Continue Reading →

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My Thoughts about the LCC – ASC Settlement

To start - here's the timeline of the ASC's actions along with the documentation that was released along the way. I've made backup copies of all the original documents and provided links to them 'just in case'. ASC: Alberta Securities COQB: AB Court of Queens Bench ABC BOD: ABC District Board of Directors 2018-06-27 ASC... Continue Reading →

Higgerty Law Weighs in On LCC – ASC Settlement

Higgerty Law represents that CEF depositors in their representative action against the various respondents to the ABC District CEF implosion. Today they posted the following statement to their Lutheran Church Representative Actions web page in response to the LCC ABC District - ASC Settlement. September 17, 2019 The hearing by Alberta Securities Commission (the “ASC”)... Continue Reading →

CEF/DIL – ASC Settlement News Release

The ASC has issued a news release on the ASC - LCC settlement. A copy of this release follows. ANO LUTHERAN CHURCH SETTLES WITH ASC FOR MISLEADING INVESTORS Sep 12, 2019 CALGARY – September 12, 2019 – The Alberta Securities Commission (ASC) has concluded a Settlement Agreement and Undertaking with the Lutheran Church-Canada, the Alberta-British Columbia... Continue Reading →

LCC CEF ASC Hearing “adjourned sine die”

This afternoon the LCC CEF entry on the ASC "status of current proceedings" page was updated with the status "adjourned sine die".  According to Wikipedia that means Adjournment sine die (from the Latin "without day") means "without assigning a day for a further meeting or hearing". To adjourn an assembly sine die is to adjourn it for an indefinite period. A legislative body adjourns... Continue Reading →

ASC orders Calgary man to repay $3.2M

Misled investors? Check. Unlawfully sold investments? Check. Squandered investors money? Check. Wasted the life savings of elderly retirees? Check. No, I'm not talking about the ABC District CEF/DIL yet - but their day is coming. This is the case of Vernon Ray Fauth who was convicted of multiple securities violation by the ASC. The ASC... Continue Reading →

CEF/DIL: LCC et al v ASC – Decision

LCC, EnCharis, and related applicants that are named in the pending representative action lawsuits have been trying to get the ASC to delay hearing their case against the five named respondents regarding alleged breaches of Alberta securities laws because they believe ASC's hearing could harm their ability to defend against the representative actions. First they... Continue Reading →

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