Confessions of a real-estate developer gone wrong

The Alberta Securities Commission handed out $160,000 in penalties against two different land developers yesterday after both admitted to illegally trading and distributing securities.

David Brezsnyak was hit with the bulk of those penalties. The ASC ordered him to pay $100,000 plus $6,000 in costs. The ASC says Brezsnyak earned approximately $3.5 million between 2002 and 2011 by selling Westside Land Corp. securities to roughly 1,500 investors. The company’s business was in buying farmland near Calgary, preparing the area for development and then selling the land to a property developer. In total, the company was involved in 11 land projects, three of which were sold to developers in 2006.

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