ASC charges father, son
Peers family facing fraud allegations
EDMONTON – City businessman Jeremy (Jay) Peers has been charged by the Alberta Securities Commission with 33 counts of breaching provincial securities laws, the agency said Friday.
His son, Robert Peers, has also been charged with one count of breaking the Securities Act. The ASC said the charges relate to trading in of securities for Federal Mortgage Corporation Ltd. (FMC) and Peers Foster Kristiansen Inc. (PFK) during 2006 to 2010. Investors reportedly lost roughly $80 million when the Edmonton-based companies filed for bankruptcy in December 2010.
In an information filed in the Provincial Court of Alberta, the commission alleges a fraud on investors by using investor funds to pay returns to earlier investors and to make transfers to related parties.
It also alleges the sale of FMC securities without registering as a dealer or adviser with the securities commission, and the failure of the company to file a prospectus.
The companies were further misrepresented as “safe and reliable” investments and their financial difficulties were not disclosed, ASC alleged.
The charge against Robert Peers relates to an allegation of the transfer of investor funds to related parties without loan or investment documentation, the ASC said.
A first appearance in the case is scheduled for 8 a.m. on Aug. 30.