ASC alleges Edmonton businessman perpetrated fraud on investors

By The IJ Staff | May 11 2018 01:30PM

Photo: Freepik

The Alberta Securities Commission (ASC) issued a Notice of Hearing on May 11 against New Wave Innovations Ltd (New Wave), 1111108 Alberta Ltd. and Allan Robert Magneson of Edmonton in connection with the sale of securities in New Wave. According to the Notice of Hearing, $6.62 million was raised from investors.

Alleged use of funds for personal use

ASC staff allege that Magneson perpetrated a fraud on investors by directing about $4.14 million of the funds raised to his personal use or for the benefit of his family. In November 2017, the ASC issued an Interim Order restricting trading in securities of New Wave, and banning Magneson from acting as a director or officer of New Wave. The ASC says the order will remain in effect until proceedings have concluded.

The allegations have not been proven, adds the ASC. An appearance to set a date for a hearing will be held on July 11, 2018. To learn more, consult the Notice of Hearing on the ASC’s website.

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