An investment firm in Calgary, Concrete Equities Executive Club Inc., has agreed to refund some of its customers. The company could pay up to $1.6 million.

This settlement was made Tuesday. It came about as a result of an Alberta Securities Commission investigation.

The Commission was investigating whether Concrete Equities Executive Club Inc. which shares directors and a downtown Calgary office with Concrete Equities broke the law when it sold shares to certain investors.

18 Alberta investors bought $1,620,000 in Concrete Equities Executive Club Inc. shares.

That money was then put into a real estate investment fund and investors were promised a 20 per cent return on that money within one year.

Concrete Equities Executive Club Inc. admitted that it illegally sold 13 of the 18 investors the shares.

What made the sale illegal was that the company did it without a prospectus and without being registered to trade in the shares.

Tuesday the company agreed to refund all the money paid by the 13 investors, to offer refunds to the other five investors to whom it legally sold the shares, and to pay an additional $82-thousand to the Securities Commission.