The Alberta Securities Commission has slapped fines totalling nearly $54 million on two companies and three men.

The watchdog says Dennis Morice, Milowe Brost, Gary Sorenson, The Institute for Higher Learning and Merendon Mining perpetrated a systemic massive fraud.

Merendon Mining must pay $38.6 million to the ASC and pay $70,000 in costs, while IFFL faces $10 million in penalties and must pay $85,000 in costs.

Morice has been ordered to pay a total of $200,000, Bross nearly $3.09 million and Sorenson $2.07 million.

In addition to the financial penalties, all involved also face a variety of bans.

The ASC says investment fraud is reprehensible and completely unacceptable and undermines public confidence in the whole capital market.