A man facing fraud charges from the Alberta Securities Commission (ASC) has been arrested and sent back to Alberta to face the allegations, the regulator said Wednesday.
Back in January, the ASC charged Douglas Wayne Schneider and Kenneth Charles Fowler with fraud and other offences in relation to the sale of The Investment Exchange Mortgage Corporation (TIE Mortgage) securities; which were cease traded by the commission back in 2012.
In addition to fraud, they were charged with unregistered trading, engaging in an illegal distribution, and making misleading or untrue statements to investors. The allegations have not been proven.
At the time the charges were filed, arrest warrants were also issued for the pair. Now, the ASC says that Schneider has been arrested and returned to face the charges. It reports that he was arrested in California back in February, at the request of the ASC and Alberta Justice; and has been held in custody there pending extradition.
On June 3, Schneider was extradited to Alberta, the ASC reports; and he appeared in provincial court in Calgary on June 4, where he was granted bail subject to certain conditions. He is now scheduled to enter a plea on June 17, it notes.
In the meantime, the ASC says that Fowler remains at large, and that his whereabouts are unknown.