Alberta investments meant for Mexican business used to buy B.C. home, watchdog finds

Logan Keith Shaw and a numbered company he controlled, 1681502 Alberta Ltd., raised $940,000 from six investors who believed their investments would be used to develop and install point-of-sale technology in Mexican taxi cabs, an Alberta Securities panel heard.Sign up to receive daily headline news from the Calgary SUN, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.

“We have no doubt that Shaw’s conduct was deliberate and calculated to cause pecuniary loss to the investors — that is, pecuniary loss was not merely a foreseeable risk, but an intended outcome,” the panel wrote in its decision. Shaw, who represented himself at the hearing, collected the investments between September and October 2012. Mexicar wasn’t incorporated in Alberta until July 2013, with Shaw its sole director and shareholder, the ruling states.Article contentThe largest contribution came from an unidentified Calgary businessman who put $500,000 into the venture, according to ASC documents.

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Alberta investments meant for Mexican business used to buy B.C. home, watchdog findsAlberta\u0027s investment watchdog found a man who sold investors on a Mexican business venture used most of the money to buy a B.C. home.
Source: calgaryherald - 🏆 64. / 52 Read more »