The Alberta Securities Commission (ASC) has sanctioned Vernon Ray Fauth of Calgary for breaching the province’s Securities Act in connection with the sale of investments in Espoir Capital Corporation.
An ASC panel previously determined that Fauth illegally dealt in securities of Espoir, made misrepresentations to Espoir investors and perpetrated a fraud on investors.
The ASC panel ordered Fauth to pay an administrative penalty of $400,000, a disgorgement order of $2,585,414.87 and investigation and hearing costs of $250,000. It also ordered an array of permanent market access bans.
To learn more, consult the sanctions decision on the ASC website.