A Kelowna man is facing serious consequences after being caught in a web of deceit by the Alberta Securities Commission (ASC).
According to the ASC, the man, whose name has not been released, has been accused of illegally trading and distributing securities without proper registration and authorization. The alleged misconduct took place between 2016 and 2018, and involved multiple investors from Alberta.
The ASC has issued a cease trade order against the man, prohibiting him from trading in securities or engaging in investor relations activities. The order also requires him to immediately stop any ongoing violations and to cooperate with the ASC’s investigation.
In addition, the ASC has also issued a notice of hearing, which outlines the allegations against the man and sets a date for a hearing to determine whether he has violated securities laws. If found guilty, he could face penalties including fines, disgorgement of any ill-gotten gains, and a ban from participating in the securities market.
The ASC is urging anyone who may have invested with the man to contact them immediately. They also remind investors to always check the registration of any individual or company offering investment opportunities and to be cautious of promises of high returns with little risk.
This case serves as a reminder of the importance of following securities laws and regulations to protect both investors and the integrity of the market. The ASC will continue to investigate and take action against those who attempt to deceive and defraud investors.
The hearing is set for October 2021 and the ASC will provide updates as the case progresses. In the meantime, the man remains in hot water with the ASC and could potentially face severe consequences for his alleged actions.
