April 5, 2013
, and their principal owners
are pleased to announce that they have reached a settlement with the Ontario Securities Commission.
All claims and allegations, which were isolated solely to the province of
have been resolved and settled in full. As the settlement reflects, the matter was merely administrative, with no suggestion or implication of fraud or intentional wrongdoing. Both Caruso and Borland are pleased to have reached this resolution after the facts demonstrated that they made no misleading statements and that The Placencia principals acted with integrity and continued commitment to the project and ultimately to their clients throughout
"Now that this matter is successfully behind us and our reputation and character have been properly restored through the revelation and analysis of the facts, The Placencia development is poised for a highly successful future. Marco and I will continue to passionately drive forward on our commitment to The Placencia, our clients and the wonderful country of
, Principal, The Placencia.
While Borland and Caruso firmly believe and continue to maintain that their products are strictly real estate transactions, reaching this settlement was the best solution for the long-term benefit of The Placencia Project, our clients, owners and prospective buyers. Because of the significant inherent value of the underlying project assets, the financial strength of The Placencia development and unwavering commitment of the principals, it was possible to reach a resolution of the matter that was a fair and balanced result for all concerned.
"This is a very positive development in the life of our project and we are very pleased that this matter has been resolved," said
, Principal, The Placencia. "We are highly optimistic that the largest and most significant real estate development in the country and key infrastructure project for
Placencia International Airport
, both have a clear path to ultimate success."
For more information contact:
About The Placencia