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Alberta Securities Commission announces allegations against Michael Ernst Ruge and Chivas Hedge Fund

Date: Monday, November 7, 2005
Author: Canada News Wire

CALGARY, Nov. 7 /CNW/ - Staff of the Alberta Securities Commission (ASC) announced today that a hearing will be scheduled into allegations that Michael Ernst Ruge (Ruge) and Chivas Hedge Fund Ltd. (Chivas GP) engaged in an illegal distribution of securities of Chivas Growth Fund Limited Partnership (Chivas LP), illegally traded securities of Chivas LP and made misrepresentations to investors of Chivas LP.

In its Notice of Hearing issued on October 31, 2005, ASC Staff allege that Ruge and Chivas GP illegally sold securities of Chivas LP to Alberta investors without registration and without a prospectus or appropriate exemption. In addition, ASC staff alleges that in the course of making those sales, Ruge made numerous misrepresentations to induce investors to purchase Chivas LP securities. Ruge and Chivas GP raised $1,500,000 from sales of Chivas LP securities in Alberta and elsewhere.

A copy of the Notice of Hearing outlining the allegations in their entirety is available on the ASC website at www.albertasecurities.com.

The ASC is the industry-funded regulatory agency responsible for
administering the Alberta Securities Act. Its mission is to foster a fair and
efficient capital market in Alberta and, together with the other members of
the CSA, develop and operate the Canadian securities regulatory system.

For further information

Siobhan Vinish, Director, Communications & Investor Education, Alberta Securities Commission, Tel: (403) 297-2664

Source: Alberta Securities Commission