CALGARY,
AB, July 25, 2024 /CNW/ - The Alberta
Securities Commission (ASC) has issued written reasons for the
Interim Order issued June 10, 2024,
against GIC Capital Corp., Maljaars Financial Inc., Jeff Barrie Wilkie, and Robert Jacob Maljaars (collectively, the
Respondents).
Staff continue to investigate whether the Respondents
contravened Alberta securities
laws, including misrepresentations and fraud, contrary
to sections 92(4.1) and 93(1)(b) of the Act.
An ASC panel received evidence that, since 2020, the
Respondents raised more than $11
million from approximately 43 investors. Investors were told
that their funds would be held in a segregated trust account in
New Zealand, when in fact the
capital was never put into trust or into a segregated account, but
was instead used for unauthorized purposes. The Respondents said
they were unable to repay investors as agreed because the head of
the profit-earning venture had died, effectively freezing investor
funds in probate.
An ASC panel concluded that the nature and quality of the
evidence warranted the issuance of a temporary order because the
length of time required to conduct a hearing and render a decision
could be prejudicial to the public interest.
The Interim Order requires that, for a period of 12 months from
the date of the order, the Respondents are prohibited from using
any exemption contained in Alberta
securities laws and must cease trading in securities issued by GIC
Capital Corp. and Maljaars Financial Inc.
A copy of the decision can be found on the ASC website
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