The Alberta Securities Commission.
An Edmonton-area man who raised $10.8 million from about 125 investors with a promise of 18 per cent annual returns has been fined $1 million and permanently banned from trading securities or acting as an officer of an issuing company.
Wade Robert Closson of St. Albert admitted to the Alberta Securities Commission that he and his companies, Optam Holdings Inc. and Infinivest Mortgage Investment Corp., raised the funds between January 2009 and April 2013.
An ASC panel found that Closson engaged in fraud by misrepresenting to investors that their money would be invested in mortgages and secured by …
Read the full article at: http://calgaryherald.com/business/local-business/alberta-man-fined-1-million-for-fraud-through-bankrupt-mortgage-firms