Well check this out – looks like I should have been checking up on Concrete Equities late last year:
“CALGARY, Dec. 23 /CNW/ – The Alberta Securities Commission (ASC) has concluded a settlement with Concrete Equities Executive Club Inc. regarding allegations that it breached Alberta securities laws. As of June 2, 2008, Concrete Equities Executive Club promoted and sold Class B shares to 18 Alberta investors, raising $1,620,000. Concrete Equities Executive Club admitted it breached Alberta securities laws when it engaged in an illegal distribution by distributing its Class B shares to 13 of these investors without a prospectus and without being registered to trade in them. Concrete Equities Executive Club paid $80,000 to settle the allegations and $2,000 toward investigation costs. In addition, Concrete Equities Executive Club has offered to recind and refund all investors who purchased its Class B shares and has undertaken to refund the investments of the 13 unqualified Alberta investors.”
A word to all investors: always do research on the companies you invest with, and the people who run them. Especially the people who run them!
UPDATE: I found a CTV News story on this.