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    Better Business Bureau of Southern Alberta

    Foundation Capital Principals Face ASC Hearing Date

     Foundation Capital and the Harvest Group of Companies were real estate promotions out of southern Alberta, largely operated by Ronald Aitkens.  Rainbow Investigations described this operation back in October 2012.  

    Investors poured millions upon millions of dollars into these promotions (one report indicates up to 700 million may have been raised by this group).  

    However, it appears that investors may have lost much of these investments. And in the last few years, investors have been grilling the Alberta Securities Commission about this, and many similiar real estate promotions.

    Now the Alberta Securities Commission is ordering the prinicipals of this operation to attend a meeting in May 2015 to consider setting a hearing date to hear the volumous listing of allegations against this group.

    The notice of this hearing is right here:

    "http://www.albertasecurities.com/news-and-publications/Pages/customdisp.aspx?pi=1375".

    The Alberta Securities Commission allegations are right here (from the ASC webpage):

    PARTIES

    The Trust

    1. Foundation Group Capital Trust (Trust) was established to raise funds to engage in oil and gas exploration and development. The Trust issued four offering memoranda (OMs) dated December 10, 2009, April 30, 2010, August 18, 2010 and May 12, 2011. It was set up in a "trust on trust" structure, with numerous subsidiaries, and was collectively referred to as "FROG" or Foundation Resources Oil and Gas.

    2. The trustee of the Trust was 0865701 B.C. Ltd (Trustee). It was incorporated in British Columbia on November 6, 2009, and maintained its registered office in Vancouver, British Columbia. Its directors included Ronald James Aitkens (Aitkens) and Roy Juergen Beyer (Beyer). Aitkens was its guiding mind, president and secretary, and Beyer acted as vice-president. Its shareholder(s) are unknown.

    3. Harvest Capital Management Inc. was the administrator and manager of the Trust (Trust Administrator). It was contracted to provide administrative, accounting and valuation services, including the preparation of financial statements, returns, and filings, and making determinations necessary for the discharge of the Trust's financial obligations. It was incorporated in Alberta on October 1, 2002, and maintained its registered office in Lethbridge, Alberta. Its sole director, shareholder and president was Aitkens.

    4. Between about December 10, 2009 and November 10, 2011, the Trust raised at least $74,120,996.75 in Alberta. Stoney View Crossing Inc.

    5. Stoney View Crossing Inc. (Stoney View Crossing) was ostensibly in the land development business. It was incorporated in Alberta on July 24, 2008, and maintained its head and registered offices in Calgary, Alberta. Aitkens was its sole director, shareholder and president.

    6. It raised funds pursuant to two OMs dated November 3, 2008 and January 28, 2010, by issuing Class B Common Shares for the purpose of acquiring certain lands located south of Highway #1 near Prince of Peace Village, just outside Calgary, Alberta (Stoney View Lands), and developing them into a residential community containing approximately 825 residential lots. Stoney View Capital Inc.

    7. Stoney View Capital Inc. (Stoney View Capital) was in the lending business. It was incorporated in Alberta on July 24, 2008, and maintained its head and registered offices in Calgary, Alberta. Aitkens was its sole director and president, and owned 40% of its voting shares.

    8. It raised funds pursuant to two OMs dated November 3, 2008 and January 28, 2010, by issuing 6% Redeemable Bonds for the purpose of lending the proceeds to Stoney View Crossing to enable it to acquire and develop the Stoney View Lands.

    9. Stoney View Crossing and Stoney View Capital may be referred to as Stoney View.

    10. Between November 3, 2008 and December 6, 2010, Stoney View raised $31,616,388 in Alberta. Harbour View Landing Inc.

    11. Harbour View Landing Inc. (Harbour View Landing) was ostensibly in the land development business. It was incorporated in Alberta on January 13, 2009, and maintained its head and registered offices in Calgary, Alberta. Aitkens was its sole director, shareholder and president.

    12. Harbour View Landing raised funds pursuant to two OMs dated January 13, 2009 and August 27, 2010, by issuing Class B Common Shares for the purpose of acquiring certain lands located near Courtney, British Columbia (Harbour View Lands), and developing them into a residential community containing approximately 150 multifamily and single family units. Harbour View Capital Inc.

    13. Harbour View Capital Inc. (Harbour View Capital) was in the lending business. It was incorporated in Alberta on January 13, 2009, and maintained its head and registered offices in Calgary, Alberta. During the times material to these proceedings, Aitkens was its sole director and president.

    14. Harbour View Capital Inc. raised funds pursuant to two OMs dated January 30, 2009 and August 27, 2010, by issuing 6% Redeemable Bonds for the purpose of lending the proceeds to Harbour View Landing to enable it to acquire and develop the Harbour View Lands.

    15. Harbour View Landing and Harbour View Capital may be referred to as Harbour View.

    16. Between January 30, 2009 and September 6, 2011, Harbour View raised $16,737,002 in Alberta. Fundraising Entities

    17. Foundation Capital Corporation (Foundation Capital) promoted and sold securities for the Trust, Stoney View and Harbour View. It was incorporated in Alberta on June 15, 2005, maintained its registered office in Lethbridge, Alberta, and carried on business in Calgary, Alberta. Aitkens was its sole director and owned 75% of its shares. Beyer was its marketing director.

    18. Foundation Securities Corporation (Foundation Securities) also sold securities for the Trust and Harbour View, but not Stoney View. It was incorporated federally on August 26, 2010, and maintained its registered office in Calgary Alberta. Aitkens was its sole beneficial shareholder. He owned all the shares of Harvest Group of Companies Inc., which owned all the voting shares of Foundation Securities. Its directors included Beyer. Principals

    19. Aitkens was the guiding mind of all the corporate Respondents and held the titles described above. He authorized, permitted, or acquiesced in the conduct of each of the corporate respondents described in this Notice of Hearing.

    20. Beyer was the directing mind of the marketing efforts for the Trust, Stoney View and Harbour View, and held the titles described above. Beyer authorized, permitted or acquiesced in the misrepresentations, illegal distributions and misleading certificate allegations described in this Notice of Hearing. ALLEGATIONS Misleading Statements The Trust

    21. The Trust issued Series A Units to raise funds to purchase, indirectly, limited partnership units of Foundation Resources Limited Partnership (Foundation Resources LP).

    22. Foundation Resources LP was a subsidiary of the Trust, and was involved in oil and gas exploration and development. It was initially formed for the purpose of acquiring shares of an oil and gas exploration and development company called Neo Exploration Inc. (Neo). Foundation Resources LP issued Series A Partnership Units.

    23. Neo was a bona fide, third party entity primarily engaged in natural gas exploration and development. It was incorporated in Alberta on April 5, 2005, and maintained its registered office in Calgary, Alberta.

    24. The general partner of Foundation Resources LP was Foundation Resources GP Corporation (Foundation GP). It was incorporated in Alberta on December 1, 2009, and maintained its registered office in Calgary, Alberta. Its directors included Aitkens and Beyer. Aitkens was also its president, chief executive officer and secretary; Beyer was its vice president and chief operating officer. Its sole shareholder was Foundation Group Development Trust (Business Trust).

    25. The Trust owned Foundation Resources LP Series A partnership units indirectly. The Foundation Resources LP units were purchased by the Business Trust and held on behalf of the Trust. The trustee of the Business Trust was Foundation Capital Investment Corporation. Foundation Capital Investment Corporation was incorporated in Alberta on November 3, 2009, and maintained its registered office in Calgary, Alberta. Its sole

    Date of Story: Saturday, April 18, 2015
    Story Posted By: Ron Reinhold
    Source: ASC / Ron Reinhold

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