ASC alleges Logan Keith Shaw and 1681502 Alberta Ltd. perpetrated a fraud on investors

CALGARY, Feb. 22, 2018 /CNW/ - The Alberta Securities Commission (ASC) has issued a Notice of Hearing alleging that Logan Keith Shaw and 1681502 Alberta Ltd. (1681502) engaged in a course of conduct which they knew, or ought to have known, perpetrated a fraud on investors.

According to the Notice of Hearing, Shaw controlled 1681502, a company with a registered office in Edmonton, Alta., and 1681502 raised approximately $940,000 from six investors. The funds were purportedly to be used to sell, rent and/or install point-of-sale credit card processing terminals and to sell advertising to or for taxicab companies in Mexico. The Notice of Hearing alleges that Shaw instead used the majority of the money to buy a house for himself in Vernon, B.C., and to repay a personal loan that was also used to buy the house.

The allegations have not been proven.

An appearance to set a date for a hearing will be held on April 17, 2018 at 2:00 p.m. in the ASC Hearing Room on the 5th floor, 250 ? 5 Street SW, Calgary, Alberta.

The ASC gratefully acknowledges the assistance of the British Columbia Securities Commission and the Royal Canadian Mounted Police.

A copy of the Notice of Hearing can be found on the ASC website at albertasecurities.com.

The ASC is the regulatory agency responsible for administering the province's securities laws. It is entrusted to foster a fair and efficient capital market in Alberta and to protect investors.  As a member of the Canadian Securities Administrators, the ASC works to improve, coordinate and harmonize the regulation of Canada's capital markets.

SOURCE Alberta Securities Commission