Alberta Securities Commission investigating further fraud by once-jailed Calgary man
As its investigation into Kenneth Fowler continues, the commission is asking anyone who's been approached by him to give them a call.
The Alberta Securities Commission says a Calgary man believed to have solicited investments under false pretenses may have targeted others in Calgary, including seniors.
As its investigation into Kenneth Fowler continues, the commission is asking anyone who's been approached by him to give them a call.
The commission says it believes Fowler, 71, used the alias Ken Davidson, associated with the Finkle Street Trading Company, to seek funds between 2020 and 2022.
At least one victim has been identified, according to the commission.
The commission noted in a release Monday that Alberta's provincial court ordered Fowler be permanently cease-traded and denied exemptions under Alberta securities laws in July 2017.
Fowler was sentenced to three years in jail in 2017 for his part in a $27-million mortgage fraud, the Canadian Press has previously reported.
He was arrested after spending two years on the lam in Mexico.
Once returned to Canada, he pleaded guilty under Alberta securities laws for fraud relating to the sale of securities of The Investment Exchange Mortgage Corporation (TIE Mortgage), unregistered trading in TIE Mortgage securities and engaging in an illegal distribution of those securities.
He was president of TIE Mortgage and represented his company as a qualified mortgage investment corporation and made assurances investments with the company met requirements for RSPs and other tax-deferred investments.
The firm fraudulently collected $27 million from 200 investors between 2002 and 2013, the Canadian Press reported in 2017.
Fowler admitted to using money raised from investors to support his personal lifestyle, day trading and to make payments to other investors as dividends and redemptions.
His co-accused, Douglas Schneider, was sentenced to one year in jail after pleading guilty to making misleading statements, trading in securities without registration and trading in distributions of securities without a prospectus.
Anyone with information about Fowler's more recent alleged activities is asked to contact the commission at 1-877-355-4488.
With files from the Canadian Press
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