Businessman promoting quiet dental drill is fined $4M for fraud yyc
The ASC panel of Kari Horn, Steven Cohen and Tom Cotter said it was in the public’s interest to levy this level of financial penalty due to the “magnitude and seriousness of fraud.” It is believed the market bans would not be penalty enough for the 83 year old.
Magneson’s representative, Brian Baresh, said in an email that they gave notice on Thursday to the Court of Appeal registrar they will be filing a sentence appeal in the next few days. The Edmonton businessman told investors that funds would be used for research and development and, if asked, he denied or indicated only an insignificant portion would be used for his compensation.
“It is one thing for investors to assume that Magneson was being paid something for his work and expenses during the drill’s development,” read the ruling, but “it is another thing entirely for them to be advised that Magneson would be paid three-quarters or more of the total funds invested.”, Magneson raised $6.62 million for the drill between June 1, 2011 and Dec. 31, 2016 by selling shares to about 168 investors, including 142 Albertans.
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