ASC alleges Edmonton businessman perpetrated a fraud on investors
According to the Notice of Hearing, $6.62 million was raised from investors between June 1, 2011 and December 31, 2016.
CALGARY, May 11, 2018 /CNW/ - The Alberta Securities Commission (ASC) has issued a Notice of Hearing against New Wave Innovations Ltd (New Wave), 1111108 Alberta Ltd. and Allan Robert Magneson (Magneson) in connection with the sale of securities in New Wave. According to the Notice of Hearing, $6.62 million was raised from investors between June 1, 2011 and December 31, 2016.
ASC staff allege that Magneson perpetrated a fraud on investors by directing about $4.14 million of the funds raised to his personal use or for the benefit of his family.
In November 2017, the ASC issued an Interim Order restricting trading in securities of New Wave, and banning Magneson from acting as a director or officer of New Wave. The order will remain in effect until proceedings have concluded.
The allegations have not been proven.
An appearance to set a date for a hearing will be held on July 11, 2018 at 3:00 pm in the ASC Hearing Room on the 5th floor, 250 – 5 Street SW, Calgary, Alberta.
A copy of the Notice of Hearing can be found on the ASC website at albertasecurities.com.
The ASC is the regulatory agency responsible for administering the province's securities laws. It is entrusted with fostering a fair and efficient capital market in Alberta and with protecting investors. As a member of the Canadian Securities Administrators, the ASC works to improve, coordinate and harmonize the regulation of Canada's capital markets.
SOURCE Alberta Securities Commission
