Alberta businessman handed half a million in sanctions for fraud in Sask.
Published Thursday, July 18, 2019 10:33AM CST
Last Updated Thursday, July 18, 2019 7:03PM CST
The Financial and Consumer Affairs Authority of Saskatchewan (FCAA) has issued a $500,000 penalty on Alberta businessman Ron Aitkens for fraud and misleading statements made to investors, some of which occurred in Saskatchewan.
“Ron Aitkens raised over $84 million from thousands of investors including hundreds in Saskatchewan through multiple proposed land development schemes,” said a press release form the FCAA. “The hearing panel found that Aitkens took money and property from investors and used investors’ money for unauthorized purposes.”
According to the hearing panel, Aitkens acted without regard for Saskatchewan’s securities laws, and hundreds of local investors lost their investments as a result.
Aitkens and his companies, 1252064 Alberta Ltd., 1330075 Alberta Ltd., Harvest Capital Management Inc. and Harvest Group GP Corp. are ordered by the panel to pay a penalty of $100,000 each plus hearing costs over $30,000
“Aitkens and his companies are permanently banned from trading in securities or derivatives or using any exemptions in Saskatchewan securities laws,” the press release said. “Aitkens is also subject to market-access bans in other jurisdictions.”
The sanctions against Aitkens are not the first, as he was charged with fraud in 2013 with breaching Alberta securities law.
The Alberta Securities Commissions charged Aitkens with trading in securities without registration; distributing securities without a prospectus; making false or misleading statements in an Offering Memorandum and perpetrating a fraud on investors.