ASC issues public interest orders in response to criminal fraud conviction against Christopher Uitvlugt
CALGARY, AB, Jan. 13, 2022 /CNW/ - The Alberta Securities Commission (ASC) has issued a decision permanently prohibiting Christopher Uitvlugt from participating in Alberta's capital market after he was convicted of fraud over $5,000 in Ontario.
Uitvlugt was sentenced to five years' imprisonment (less time spent in pre-trial custody) by the Ontario Superior Court of Justice on November 12, 2019 after he pled guilty to one count of fraud. He operated a fraudulent Ponzi scheme through his Ontario business for approximately one year. In that time, he raised approximately $4.8 million from at least 874 investors ? including at least 10 from Alberta. Uitvlugt, a former Alberta resident, offered investors an opportunity to make a significant return from his supposed foreign exchange trading efforts, but he instead made payments to some investors from the contributions of subsequent investors while also using investment funds for unauthorized personal and company expenses.
An ASC panel found that the investments were securities within the meaning of the Securities Act (Alberta), that Uitvlugt's conviction arose from a course of conduct related to securities, and that it was in the public interest to issue orders to protect Alberta investors and the Alberta capital market.
The panel ordered that Uitvlugt:
must permanently cease trading in securities or derivatives, and that all exemptions contained in Alberta securities laws do not apply to him;
must immediately resign all positions he holds, and is permanently prohibited from becoming or acting as a director or officer of any issuer, registrant, investment fund manager, recognized exchange, recognized self-regulatory organization, recognized clearing agency, recognized trade repository, designated rating organization or designated benchmark administrator; and
is permanently prohibited from engaging in investor relations activities, advising in securities or derivatives, becoming or acting as a registrant, investment fund manager or promoter, and acting in a management or consultative capacity in connection with activities in the securities market.
The ASC is the regulatory agency responsible for administering the province's securities laws. It is entrusted with fostering a fair and efficient capital market in Alberta and with protecting investors. As a member of the Canadian Securities Administrators, the ASC works to improve, coordinate and harmonize the regulation of Canada's capital markets.
Family Care Center, one of the nation's premier mental health providers, is expanding with a new outpatient clinic in Tampa, making integrated mental health care more accessible to individuals, couples, families and Veterans in Hillsborough County....
The Board of Directors of Peoples Financial Services Corp. declared a second quarter dividend of $0.41 per share. The $0.41 per share dividend represents the same per share dividend declared and paid in the first quarter of 2024 and the second...
Alliant Credit Union, a leader in digital banking and one of the largest credit unions in the nation, announces the appointment of four members to its board of directors. These additions to Alliant's board bring vast expertise spanning from leaders...
This month The Navajo Nation Gaming Enterprise (Navajo Gaming) honored 186 of its total 1,200 team members for reaching significant employment milestones including 15, 10 and 5 years of service for the enterprise. The event at Twin Arrows Navajo...
Lennar, one of the nation's leading homebuilders, is now selling at three stunning home collections within Junipers, a masterplanned community for active adults in San Diego. Homeowners at the age-qualified gated community will enjoy resort-style...
The Tribunal issued an Order in the above-named matter.
A copy of the Order dated April 26, 2024 is available at capitalmarketstribunal.ca
Registrar, Governance & Tribunal SecretariatOntario Securities Commission
SOURCE Ontario Securities...