Two Grande Prairie businessmen have committed multiple breaches of Alberta securities laws. Through a settlement agreement, Robert Jay Major and Gary Mattison Clements of Major Investments admitted they raised more than $12 million from at least 100 Albertans who invested in Discovery Bay Games between 2009 and 2011.
The men weren’t registered with the province’s Securities Commission, and didn’t file the proper documents. They also misled investors by not properly filling them in on the risks of their investments, and Major told one investor that the board game company might be going public without permission.
As part of the settlement, Major’s been ordered to pay $135,000 to the ASC, while Clements will pay $30,000. They’ve both agreed to market access bans for 15 and 7 years respectively, and Major Investments will stop trading or purchasing securities for 15 years.
It’s noted in the settlement that both men regret their actions.