News Release

Vancouver – The executive director of the British Columbia Securities Commission has issued a notice of hearing  alleging that a B.C. man and the company he controlled violated securities laws when they sold approximately $1.9 million in securities to investors.

The notice of hearing alleges that Thomas Joseph Sears, a B.C. resident and the president of Royal Crown Ventures Group Ltd. (RCV), operated an illegal phone room that employed sales agents to solicit funds for the company.

The notice says that, from June 2007 to September 2008, RCV, a private B.C. incorporated company, raised approximately $1.9 million by distributing its shares to 95 investors, 56 of whom were B.C. residents. The notice alleges that RCV and Sears traded and illegally distributed the securities because the company did not qualify for the registration and prospectus exemptions allowed under B.C. securities laws.

Finally, the notice alleges Sears and RCV made various misrepresentations to investors through the company’s website, e-mails, and video presentations.

These allegations have not been proven. Counsel for the executive director will apply to set dates for a hearing into the allegations before a panel of commissioners on Nov. 23, 2010.

The B.C. Securities Commission is the independent provincial government agency responsible for regulating trading in securities within the province. You may view the notice of hearing  on our website, www.bcsc.bc.ca. If you have questions, contact Ken Gracey, media relations, 604-899-6577.