A former fund salesman in Alberta has been sent to prison for three years for numerous violations of securities laws.
The Alberta Securities Commission (ASC) said Tuesday that former Calgary mutual fund rep, Jason Yiu-Kwan Chan, has been sentenced to three years in a federal penitentiary by a provincial court of Alberta judge, after he was found guilty on 37 counts of breaching Alberta securities laws, including fraud, making false statements to investors, and trading in securities without registration or a prospectus.
Judge Fradsham also ordered that Chan be permanently banned from trading in securities, acting as an officer or director of any issuer, and using Alberta securities laws exemptions. And, he was ordered to pay restitution of $62,167.05 to investors.
The ASC charged Chan in provincial court for illegally selling the securities of Comdev Financial and Terra Nova Capital (trade names registered to him) to several Alberta investors and making misrepresentations to those investors. ASC staff also charged that Chan engaged in conduct that perpetrated a fraud on the investors.
“Mr. Chan’s egregious conduct was not in pocketing the investment funds, it was in deliberately overriding the instructions of the vulnerable investors for the sole purpose of investing money as he saw fit, regardless of the instructions of the investors, and with indifference as to their ability to withstand high risk investments,” the judge said.