An Alberta Securities Commission panel has slapped fines totalling nearly $54 million on three Calgary businessmen and the companies they led — the largest financial penalty levied by the market watchdog in any one case.
“All of the respondents were involved in perpetrating a systemic massive fraud on Alberta and other investors, involving a complicated web of domestic and offshore corporate and other entities, bank accounts and offerings,” the commission said in a release Friday.
“Investment fraud is reprehensible and completely unacceptable capital-market misconduct; instances of fraud in the capital market severely threaten the public’s confidence and sense of fairness in the whole of our capital market.”
Lauren Krugel – Canadian Press – November 28, 2012.
Want More Investigative Content?
