CALGARY, AB, Dec. 6, 2024 /CNW/ - The Alberta Securities Commission (ASC) has sanctioned Paul Lackan for perpetrating a fraud on investors.

In June 2024, an ASC panel determined that, between July 2018 and December 2020, Lackan raised over $153,000 from investors and misappropriated at least $115,378 of that amount. The panel found that Lackan told investors the funds would be used to acquire or invest in a medical business, but instead spent much of the money on personal expenses and on unrelated business expenses. The investors did not receive their principal back or any return on their investments.

In its sanction decision, the ASC panel noted that Lackan, "lied to investors, took advantage of his previous relationships with them, spent their money for his own purposes, and falsified share certificates." Lackan was ordered to resign from all positions he may have as a director or officer of any issuer and is subject to an array of permanent market-access bans. The panel also ordered that Lackan pay an administrative penalty of $60,000, disgorgement of $115,378, and investigation and hearing costs of $47,009.

A copy of the decision is available on the ASC website at asc.ca.

The ASC is the regulatory agency responsible for administering the province's securities laws. It is entrusted with fostering a fair and efficient capital market in Alberta and with protecting investors. As a member of the Canadian Securities Administrators, the ASC works to improve, coordinate and harmonize the regulation of Canada's capital markets.

SOURCE Alberta Securities Commission