Alberta Court of Appeal dismisses Allan Robert Magneson's appeal of ASC decision

CALGARY, AB, Dec. 6, 2023 /CNW/ - In a Memorandum of Judgment dated December 5, 2023, the Alberta Court of Appeal unanimously dismissed an appeal from an Alberta Securities Commission (ASC) decision finding that Allan Robert Magneson, New Wave Innovations Ltd. (New Wave), and 1111108 Alberta Ltd. (111 Alberta) perpetrated a fraud in connection with the sale of New Wave securities.

Magneson had appealed the ASC panel's written decision of August 11, 2021, challenging the fairness of the ASC proceeding and the finding of fraud. The Alberta Court of Appeal found that the ASC proceeding was procedurally fair and upheld the ASC's finding that Magneson perpetrated a fraud on New Wave investors.

A copy of the Memorandum of Judgment is available at asc.ca.

Magneson raised approximately $7 million from New Wave investors who understood their investment funds would be used to develop a new type of dental drill. In 2021, the ASC found that Magneson perpetrated a fraud by diverting over $5.7 million of the funds raised to his own personal benefit or for the benefit of his family members. The ASC imposed sanctions on Magneson and 111 Alberta and made orders restricting the purchase and sale of securities of New Wave and by New Wave. The ASC's merits decision and sanctions decision are available at asc.ca.

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.

SOURCE Alberta Securities Commission