Alberta\u0027s investment watchdog found a man who sold investors on a Mexican business venture used most of the money to buy a B.C. home.
Logan Keith Shaw and a numbered company he controlled, 1681502 Alberta Ltd., raised $940,000 from six investors who believed their investments would be used to develop and install point-of-sale technology in Mexican taxi cabs, an Alberta Securities panel heard.Sign up to receive daily headline news from the Calgary Herald, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
“We have no doubt that Shaw’s conduct was deliberate and calculated to cause pecuniary loss to the investors — that is, pecuniary loss was not merely a foreseeable risk, but an intended outcome,” the panel wrote in its decision. Shaw, who represented himself at the hearing, collected the investments between September and October 2012. Mexicar wasn’t incorporated in Alberta until July 2013, with Shaw its sole director and shareholder, the ruling states.Article contentThe largest contribution came from an unidentified Calgary businessman who put $500,000 into the venture, according to ASC documents.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Calgary landscape operator wins $70M Lotto Max, plans a Christmas vacationA Calgary business owner and father of two is Alberta\u0027s newest multimillionaire after winning $70 million from a Lotto Max draw.
Read more »
Calgary landscape operator wins $70M Lotto Max: 'We don't want it to change us'A Calgary business owner and father of two is Alberta\u0027s newest multimillionaire after winning $70 million from a Lotto Max draw.
Read more »
Calgary landscape operator wins $70M Lotto Max: 'We don't want it to change us'A Calgary business owner and father of two is Alberta\u0027s newest multimillionaire after winning $70 million from a Lotto Max draw.
Read more »
Calgary landscape operator wins $70M Lotto Max, plans a Christmas vacationA Calgary business owner and father of two is Alberta\u0027s newest multimillionaire after winning $70 million from a Lotto Max draw.
Read more »
'Substantial relief': Alberta Premier Danielle Smith announces $2.4B inflation aid packageEDMONTON — Premier Danielle Smith, with Alberta enjoying billions of dollars in surplus cash, announced Tuesday a batch of inflation\u002Dfighting relief aid,…
Read more »
Alberta Premier Danielle Smith promises $600 per child, fuel tax relief to fight inflationSmith took aim at the federal government, saying the crisis has been \u0027primarily caused\u0027 by spending and a \u0027continual string of anti\u002Denergy policies\u0027
Read more »