ASC permanently bans Raymond Cawaling and RTAX Financial Corp. for contravening Alberta securities laws
Between October 2016 and November 2019, the Respondents misappropriated at least CAD$462,421 from investors who were told that the funds would be used to invest in or provide loans to third parties, including an overseas mining company. An ASC panel previously found that a significant portion of the money was redirected for personal use, to repay unrelated debts, and to pay principal and interest to other investors in a Ponzi-like scheme.
The panel has ordered the Respondents to jointly pay $462,421 as a result of their non-compliance with Alberta securities laws, plus an administrative penalty of $175,000 and investigation and hearing costs of $81,755. In addition:
Cawaling is ordered to resign from all positions he may have as a director or officer of any issuer and is subject to a broad array of permanent market-access bans.
RTAX is ordered to permanently cease trading in, purchasing, or advising in securities or derivatives.
All trading in or purchasing of RTAX securities must cease.
In its decision, the panel noted that the Respondents' misconduct caused harm to both investors and Alberta's capital market, and stated that in addition to sanctions related to the fraud, "consequences must also fall on those who illegally distribute securities and deprive investors of the protections our regulatory system is intended to provide."
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.
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