An Alberta businessman and his company have been permanently banned from the marketplace and ordered to pay almost $4 million by the Alberta Securities…
“It was important that the ruling was made for the protection of investors,” said Theresa Schroder, senior advisor of communications for the ASC. “There’s a lot of money lost and we’re trying to stop it.”Article content
Magneson raised approximately $7 million between 2011 and 2016 for New Wave Innovations to develop and market a low-decibel dental drill with air-bearing turbine technology that would not produce a high-pitched whine. According to the ruling, there is no indication NWI ever reached the point of manufacturing or selling the drill commercially.Article content
Magneson argued he was entitled to the funds, but the ASC said even if he was, he failed to disclose important facts and instead diverted $3.5 million of investor funds intended for corporate use to his personal use.Article content
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