yyctimes

    Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    What's Hot

    Calgary highway closed after serious collision

    March 27, 2023

    Ten people injured after house explosion in northeast Calgary

    March 27, 2023

    House explosion, fires rock northeast Calgary – Calgary

    March 27, 2023
    • Home
    • Contact Us
    Facebook Twitter
    yyctimes
    yyctimes
    Home ยป Alberta investments meant for Mexican business used to buy B.C. home
    yyctimes

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

    yyctimesBy yyctimesNovember 24, 2022No Comments2 Mins Read
    Facebook Twitter LinkedIn Telegram Pinterest Tumblr Reddit Email
    Share
    Facebook Twitter LinkedIn Pinterest Email

    Article content

    A former Grande Prairie man who sold investors on a Mexican business venture used most of the money he raised through stock offerings to buy a BC home, Alberta’s investment watchdog has found.

    Article content

    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 taxis, an Alberta Securities- panel hearing.

    Article content

    Instead, days after securing the money for his Mexicar Inc. business, Shaw used about $808,000 of the fund to buy a home in Vernon, BC. The account was also used for other personal expenses, investigators found.

    “We have no doubt that Shaw’s actions were deliberate and calculated to cause monetary loss to the investors – that is, monetary loss was not merely a foreseeable risk but an intended outcome,” the panel said in wrote his decision.

    Shaw, who represented himself at trial, collected the investments between September and October 2012. Mexicar was only incorporated in Alberta in July 2013, with Shaw as its sole director and shareholder, the ruling said.

    Article content

    “It did not appear to be running any business, nor did it have a bank account,” the decision reads.

    The largest contribution came from an unidentified Calgary businessman who put $500,000 into the venture, according to ASC documents. It wasn’t until October 2017, five years after his initial investment, that he learned Shaw had used the money to buy the Okanagan home.

    Shaw repaid the Calgary man’s $500,000 investment, plus $24,000 in interest, the decision shows.

    The ASC review will continue to determine what, if any, sanctions or cost recovery should be made against Shaw.

    Source link

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    yyctimes
    • Website

    Related Posts

    Ten people injured after house explosion in northeast Calgary

    March 27, 2023

    Alberta woman killed after snowmobile collides with steel cable

    March 27, 2023

    Youth hiring fair looking to connect young Calgarians with summer jobs

    March 26, 2023

    Dismissal of Calgary Transit driver for off-duty sexual assault upheld

    March 26, 2023

    On the Road: First birds

    March 26, 2023

    Ministers’ withdrawal from election could cast doubts on premier

    March 26, 2023

    Leave A Reply Cancel Reply

    Don't Miss
    yyctimes

    Calgary highway closed after serious collision

    By yyctimesMarch 27, 2023

    The Calgary Police Service informed QR Calgary officers responded to calls round 11:30 a.m. a…

    Ten people injured after house explosion in northeast Calgary

    March 27, 2023

    House explosion, fires rock northeast Calgary – Calgary

    March 27, 2023

    Alberta woman killed after snowmobile collides with steel cable

    March 27, 2023
    Our Picks

    Calgary highway closed after serious collision

    March 27, 2023

    Ten people injured after house explosion in northeast Calgary

    March 27, 2023

    House explosion, fires rock northeast Calgary – Calgary

    March 27, 2023

    Alberta woman killed after snowmobile collides with steel cable

    March 27, 2023

    Subscribe to Updates

    Get the latest creative news from SmartMag about art & design.

    Our Picks

    Calgary highway closed after serious collision

    March 27, 2023

    Ten people injured after house explosion in northeast Calgary

    March 27, 2023

    House explosion, fires rock northeast Calgary – Calgary

    March 27, 2023
    New Comments

      Type above and press Enter to search. Press Esc to cancel.