ASC issues public interest order against Charles DeBono in response to criminal conviction
In June 2022, DeBono was sentenced by the Ontario Superior Court of Justice to seven years in jail and ordered to pay restitution of more than $26 million after pleading guilty to one count of fraud over $5,000 and one count of laundering the proceeds of crime under the Criminal Code.
Between January 2013 and August 2017, DeBono sought investments in Debit Direct, a company he owned that purportedly provided point of sale debit machines to merchants. Investors were told that they were purchasing debit terminals for small businesses across Canada and that they would receive a portion from each transaction. DeBono raised up to $48 million from more than 500 investors, including over 100 Albertans. The Court found that Debit Direct was not a legitimate business and that DeBono was operating a Ponzi scheme; any returns investors received were paid from other investors' funds.
When considering the matter under the Securities Act (Alberta), an ASC panel found that it was in the public interest to issue an order. In its reasons, the panel stated that 'DeBono's misconduct – fraud – was extremely serious, involving hundreds of investors, a large amount of money, deceit, misrepresentation, and misappropriation of millions of dollars for his personal benefit.' The panel noted a 'significant need for strong sanctions to deter DeBono and others from similar misconduct in the future, and to protect Alberta investors and the Alberta capital market from further harm.'
On February 12, 2025, the panel ordered that DeBono:
must permanently cease trading in or purchasing any securities or derivatives, and that all exemptions contained in Alberta securities laws do not apply to him;
must immediately resign all positions he holds, and is permanently prohibited from becoming or acting, as a director or officer of any issuer, registrant, investment fund manager, recognized exchange, recognized self-regulatory organization, recognized clearing agency, recognized trade repository, designated rating organization or designated benchmark administrator; and
is permanently prohibited from engaging in investor relations activities, advising in securities or derivatives, becoming or acting as a registrant, investment fund manager or promoter, and acting in a management or consultative capacity in connection with activities in the securities market.
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.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
2 hours ago
- Yahoo
Argo Corporation announces completion of distribution of Preferred Shares, Series A under its special stock dividend and conversion by the holders of its secured convertible debentures
TORONTO, Aug. 20, 2025 /CNW/ - Argo Corporation ("Argo" or the "Company") (TSXV: ARGH), (OTCQX: ARGHF), a leader in next-generation transit solutions, is pleased to announce the completion of the distribution of Preferred Shares, Series A of Argo (the "Series A Preferred Shares") under its previously announced special stock dividend (the "Stock Dividend") and the conversion by the holders thereof, of all of its outstanding 12.0% secured convertible debentures previously issued via private placement (the "Debentures") into units of the Company ("Units"). Special Stock Dividend Argo has completed the distribution of its Series A Preferred Shares under its previously announced Stock Dividend today (the "Distribution Date"). Pursuant to the Stock Dividend, all of the Company's holders of common shares (the "Common Shares") were entitled to receive one Series A Preferred Share for each Common Share held. The Common Shares started trading on a "due-bill" basis at the opening of trading on August 13, 2025 (the "Record Date") and will commence trading on an "ex-distribution" basis (i.e., without the entitlement to receive the Stock Dividend) at the opening of markets on August 21, 2025, the first trading day following the Distribution Date. A due bill attached to each Common Share between the opening of markets on the Record Date and the close of markets on the Distribution Date (the "Due Bill Period"). During the Due Bill Period, any seller of Common Shares was deemed to sell and assign the right to the Stock Dividend to the purchaser of such Common Shares. Accounts for registered shareholders and beneficial shareholders (i.e., those who hold Common Shares through an intermediary) have been, or will be, credited with the Series A Preferred Shares on or about the Distribution Date. The complete rights, privileges, restrictions and conditions attaching to the Series A Preferred Shares are set out in the articles of amendment of the Company, which are available under the Company's SEDAR+ profile on Conversion of the Debentures and Early Warning Reporting Disclosure As previously announced by Argo on February 8, 2024, the Company issued the Debentures in an aggregate principal amount of $3,536,400 through a private placement. Each Debenture was convertible into Units at a conversion price of $0.06 per Unit, at the sole option of the holder, any time following the completion of a transaction satisfactory to the holder of such Debenture resulting in the distribution of the shares of FoodsUp Inc. owned by the Corporation, or the value related thereto, to its shareholders. Each Unit consists of one Common Share and one common share purchase warrant (each, a "Warrant"). Each Warrant is exercisable into one Common Share at the exercise price of $0.06 per Warrant at any time prior to February 8, 2026, subject to certain adjustments and acceleration provisions. An aggregate of 58,939,998 Units (consisting of 58,939,998 Common Shares and 58,939,998 Warrants) were issued in connection with the conversion of the Debentures (the "Conversion"). Following the Conversion, there are 197,623,000 Common Shares issued and outstanding, with an additional 58,939,998 issuable upon exercise of the Warrants. In connection with the Conversion, certain holders of Debentures will file early warning reports in respect of their ownership of Common Shares and securities convertible or exercisable into Common Shares. The head office of Argo is located at 101-545 King Street West, Toronto, Ontario, Canada, M5V 1M1. Copies of the early warning reports will be available on SEDAR+. As part of the Conversion, Praveen Arichandran converted his Debenture in the principal amount of $1,091,017.00 held indirectly by Mr. Arichandran through Arichandran Investments Inc. ("Investco"). Investco's address is 66 Wellington Street West, Suite 5300, Toronto, Ontario, Canada, M5K 1E6. Mr. Arichandran indirectly acquired 18,183,616 Units at a conversion price of $0.06 per Unit. Immediately before the Conversion, Mr. Arichandran owned 3,448,493 Common Shares and 3,323,616 restricted share units of Argo ("RSUs"), with each RSU convertible into one Common Share in accordance with the amended and restated omnibus long-term incentive plan of Argo, representing approximately 4.77% of the issued and outstanding Common Shares on a partially-diluted basis (assuming the conversion of all of Mr. Arichandran's RSUs). Immediately after the Conversion, Mr. Arichandran, directly or indirectly through Investco, owns 21,632,109 Common Shares, 3,323,616 RSUs and 18,183,616 Warrants, representing approximately 19.69% of the issued and outstanding Common Shares on a partially-diluted basis (assuming the conversion or exercise, as applicable, of all of Mr. Arichandran's RSUs and Warrants). The securities of Argo owned by Mr. Arichandran are held for investment purposes. Depending on various factors Mr. Arichandran may deem relevant, including, without limitation, market conditions, general economic and industry conditions, and the business and financial conditions of Argo, Mr. Arichandran may take such actions from time to time with respect to its investment in Argo as he deems appropriate. As part of the Conversion, Qamar Qureshi converted his Debenture in the principal amount of $1,091,017.00 held indirectly by Mr. Qureshi through ESG Holdings Inc. ("ESG"). ESG's address is 66 Wellington Street West, Suite 5300, Toronto, Ontario, Canada, M5K 1E6. Mr. Qureshi indirectly acquired 18,183,616 Units at a conversion price of $0.06 per Unit. Immediately before the Conversion, Mr. Qureshi owned 1,673,258 Common Shares and 3,323,616 RSUs, with each RSU convertible into one Common Share in accordance with the amended and restated omnibus long-term incentive plan of Argo, representing approximately 3.52% of the issued and outstanding Common Shares on a partially-diluted basis (assuming the conversion of all of Mr. Qureshi's RSUs). Immediately after the Conversion, ESG transferred its 18,183,616 Warrants in a private transaction. Thereafter, Mr. Qureshi, directly or indirectly through ESG, owns 19,856,874 Common Shares and 3,323,616 RSUs, representing approximately 11.54% of the issued and outstanding Common Shares on a partially-diluted basis (assuming the conversion of all of Mr. Qureshi's RSUs). The securities of Argo owned by Mr. Qureshi are held for investment purposes. Depending on various factors Mr. Qureshi may deem relevant, including, without limitation, market conditions, general economic and industry conditions, and the business and financial conditions of Argo, Mr. Qureshi may take such actions from time to time with respect to its investment in Argo as he deems appropriate. About Argo Argo delivers the first-ever vertically and publicly integrated city transit system, designed to augment public transportation and create a network of intelligently routed vehicles that work together to serve and scale to the needs of entire cities, putting people in control of their mobility. You can learn more at Praveen Arichandran, CEOArgo Corporation(800) 575-7051 Forward-Looking Information Certain information set out in this news release constitutes forward-looking information within the meaning of applicable securities laws. Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "hope", "plan", "continue", "estimate", "expect", "may", "will", "intend", "could", "might", "should", "scheduled", "believe" and similar expressions. Although the forward-looking information contained in this news release is based upon what management of Argo believes are reasonable assumptions on the date of this news release, Argo cannot assure readers that actual results will be consistent with such forward-looking information. Forward-looking information involves substantial known and unknown risks, uncertainties and other factors which cause actual results to vary from those expressed or implied by such forward looking information, including without limitation those risks and uncertainties described in more detail in Argo's securities filings available at Forward-looking information should not be read as a guarantee of future performance or results, and will not necessarily be an accurate indication of whether or not such results will be achieved. The forward-looking information contained in this news release is provided as of the date hereof. Argo disclaims any intention or obligation to update or publicly revise any forward–looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws. All forward-looking information contained in this news release is expressly qualified in its entirety by the foregoing cautionary statements. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. SOURCE ARGO CORPORATION View original content to download multimedia:
Yahoo
5 hours ago
- Yahoo
Poilievre calls on Canada to designate Bishnoi gang a terrorist group
Conservative Leader Pierre Poilievre has added his voice to the list of politicians calling on the federal government to declare a gang based in India a terrorist organization in Canada. Speaking in Surrey, B.C., on Wednesday, where police say they've received 10 extortion reports in six months, Poilievre asked for the Lawrence Bishnoi gang to be added to Canada's list of terrorist organizations. "There's evidence now that their violence is linked to terror and to political motivations," Poilievre said. Police in B.C. have said members of the province's South Asian community are being extorted for cash under threat of death or violence, and the Lawrence Bishnoi gang has been linked to some of those threats. For example, a Surrey businessman has received threats demanding $2 million while businesses he's associated with have been targets of gunfire three times. The Bishnoi gang is also tied to cases of extortion and targeted shootings in Ontario's Peel Region, Brampton Mayor Patrick Brown previously said. WATCH | Bishnoi gang has 'terrorized communities,' Poilievre says: Poilievre said designating the Bishnoi gang a terrorist entity will give police greater authority to crack down on the group's activities. "Law enforcement has spoken out about the organized chaos and violence this group has done in our country, and that is why mayors across the country, premiers have also said … this organization should be put on the list of banned terrorist entities," he said. Other political leaders calling for the terrorism label include Brown, B.C. Premier David Eby and Alberta Premier Danielle Smith. The Conservatives asked for the designation last week, but Wednesday was the first time Poilievre has addressed the matter publicly. There can be serious criminal and financial consequences to any group labelled a terrorist entity. Banks can freeze assets and police can charge anyone who financially or materially supports such a group. Simon Lafortune, press secretary for the public safety minister, didn't say if the Bishnoi gang is being considered for inclusion on the terrorist list, explaining the government's "national security experts independently evaluate and provide recommendations on whether any entity meets the thresholds set out in the Criminal Code. "That process is rigorous and ongoing, and all potential threats are continually assessed to ensure we are keeping Canadians safe," he added. The federal government has taken similar action against seven criminal organizations including cartels and street gangs involved in fentanyl trafficking. Among them are the Jalisco New Generation and Sinaloa cartels, two of Mexico's largest and most powerful organized crime groups. Canadian police sources have told CBC News the Bishnoi gang is one of a number of criminal enterprises in northern India that have spread into North America in recent years. The group's founder, 32-year-old Lawrence Bishnoi, has been in Indian prisons since 2014, "but his network is wide and vast" to this day, Poilievre said Wednesday. "His organization takes orders from him and carry out extortions and other crimes around the world," the Conservative leader said. Indian media outlets have described extortion as one of the gang's biggest sources of income, at home and abroad. Wednesday's news conference was Poilievre's first media availability since winning a byelection Monday in the rural Alberta riding of Battle River-Crowfoot. He used his stop in Surrey to condemn the Liberals' response to crime. Poilievre supports mandatory jail time for people found guilty of extortion. He also wants the government to repeal Bill C-5, which expanded the availability of conditional sentences, allowing some convicted criminals to serve time under house arrest, and Bill C-75, which requires judges to release some people charged with a crime while on bail at the "earliest reasonable opportunity" and with the "least onerous conditions."
Yahoo
a day ago
- Yahoo
Getting Planes Back in the Skies, Getting Canadians Moving
Air Canada begins relaunching flights so customers can travel again First departures are AC009 from Toronto to Tokyo-Narita, AC556 from Vancouver to Los Angeles and AC489 from Montreal to Toronto 155 flights scheduled to depart today from Toronto, Montreal, and Vancouver across North America and to Europe, Asia, South Pacific Exceptional disruption policy to be implemented to cover transport expenses MONTREAL, Aug. 19, 2025 /CNW/ - With the departures of AC009 from Toronto to Tokyo-Narita, AC556 from Vancouver to Los Angeles and AC489 from Montreal to Toronto, Air Canada resumed operations today to get Canadians moving again. The three flights were the first of 155 scheduled for the day as the airline gradually resumes service, beginning with a limited number of international flights this evening. This will gradually increase as the airline restores service in Canada, the U.S. and around the world over the coming days. "We're laser-focused on getting our customers moving again. Restoring global operations will take up to ten days, as aircraft and crew are out of position. Additionally, mandatory maintenance checks are required, as aircraft have been on the ground for more than three days. Regrettably, during this period some flights will be canceled until the schedule is stabilized, and we'll notify customers well in advance and provide options," said Mark Nasr, Executive Vice President and Chief Operations Officer, at Air Canada. "When customers buy a ticket on Air Canada, we are making a commitment to deliver them safely and on schedule. Following this disruption, we know confidence has been shaken. We're working hard to fully restore their trust, starting by getting customers on their way again. To do that, we will be introducing an exceptional policy tomorrow, towards covering transportation expenses which customers may have incurred to get to their destination during this disruption. As well, we've created a dashboard on our website so anyone can transparently track our progress as our operations return to normal. We look forward to welcoming our customers and flight attendants back onboard," concluded Mr. Nasr. Air Canada's recovery dashboard is available now at The airline's exceptional disruption policy will be available beginning August 20, 2025 at As Air Canada ramps up, customers should only go to the airport if they hold a confirmed booking, and their flights show as operating. Flight status can be checked on or on the Air Canada app. Those with cancelled flights can obtain a full refund, a travel credit, or, ask to be rebooked on our Star Alliance partners or other airlines, although capacity is limited due to peak summer travel. To assist in the rebooking process, Air Canada has designated 5,000 agents to assist customers in finding alternative travel. More information for customers about travel options including an FAQ is at: Air Canada Express flights operated by Jazz or PAL continue to operate as normal. About Air CanadaAir Canada is Canada's largest airline, the country's flag carrier and a founding member of Star Alliance, the world's most comprehensive air transportation network. Air Canada provides scheduled service directly to more than 180 airports in Canada, the United States and Internationally on six continents. It holds a Four-Star ranking from Skytrax. Air Canada's Aeroplan program is Canada's premier travel loyalty program, where members can earn or redeem points on the world's largest airline partner network of 45 airlines, plus through an extensive range of merchandise, hotel and car rental partners. Through Air Canada Vacations, it offers more travel choices than any other Canadian tour operator to hundreds of destinations worldwide, with a wide selection of hotels, flights, cruises, day tours, and car rentals. Its freight division, Air Canada Cargo, provides air freight lift and connectivity to hundreds of destinations across six continents using Air Canada's passenger and freighter aircraft. Air Canada's climate-related ambition includes a long-term aspirational goal of net-zero greenhouse gas emissions by 2050. For additional information, please see Air Canada's TCFD disclosure. Air Canada shares are publicly traded on the TSX in Canada and the OTCQX in the US. Internet: Read our annual report Here Sign up for Air Canada news: Media Resources:PhotosVideosB-RollArticles SOURCE Air Canada View original content to download multimedia: Sign in to access your portfolio
