The Alberta Securities Commission (ASC) and the Alberta RCMP announced July 24 that John Carlos Labun of Calgary was convicted and sentenced to two years' imprisonment after pleading guilty to one count of fraud and three counts of failure to comply with an ASC order. The sentence was handed down July 22 at the Provincial Court of Alberta in Calgary.
Alberta Provincial Court Judge M.C. Dinkel also ordered that Labun pay restitution totaling $302,300 to eight investors and be permanently banned from: trading in or purchasing any securities or derivatives; becoming or acting as a director or officer, or both, of any issuer; advising in securities or derivatives; or engaging in investor relations activities; and, relying on exemptions in Alberta securities laws.
Labun fraudulently raised money from investors between December 2013 and February 2017 in Calgary. A portion of the capital raising in 2016 occurred while Labun was subject to a ban that had been imposed by an ASC panel in a previous proceeding on an unrelated matter. Charges were laid following an investigation by the Joint Serious Offences Team (JSOT).
