Latest news with #Catalyx
Calgary Herald
6 days ago
- Business
- Calgary Herald
Calgary crypto trader's CFO took $14M from clients, alleges Alberta Securities Commission
A Calgary-based cryptocurrency trader is accused of fraud and failing to comply with rules outlined by the Alberta Securities Commission. Article content CatalX CTS Ltd., which operated as Catalyx, was forced to cease operations in late 2023 after the company was hacked, and customer assets were stolen. Article content On Thursday, the Commission outlined allegations of misconduct and fraud surrounding the company's chief financial officer, Jae Ho Lee, and misconduct against CEO Hyuek Jae Park. Article content The Commission said, 'Lee perpetrated a fraud on Catalyx clients, and that Catalyx failed to comply with a written undertaking it had given the ASC to permit it to continue operating in Canada.' Article content Catalyx's application for registration as an authorized crypto asset trading platform was being reviewed, the Commission noted in a notice of hearing. Article content It is alleged that in 2019, Lee 'improperly withdrew' over $14 million worth of clients' crypto assets from the Catalyx platform, then transferred them to other cryptocurrency accounts he controlled elsewhere. Article content Lee then returned some of the assets to the Catalyx platform, leaving a 'substantial' shortfall, according to the Commission. Article content 'Lee also misappropriated clients' fiat currency deposits for unauthorized purposes,' read a release from the Commission. Article content Article content By Nov. 24, 2023, Park was aware that Lee perpetrated a fraud on clients, but the company failed to inform the commission of the breach until nearly a month later, on Dec. 21. Article content 'In further breach of the written undertaking, Catalyx failed to establish, maintain and apply policies and procedures to manage and mitigate the risk of an employee misappropriating clients' fiat currency and crypto assets that were meant to be held in trust for clients,' alleges the Commission. Article content An appearance to set a date for a hearing will be held in Calgary this September. Article content In a sworn affidavit, Park said CatalX determined it was not feasible for it to continue to operate its platform 'without the required technological and liquidity support from Bittrex Global,' one of the company's major shareholders.
Cision Canada
6 days ago
- Business
- Cision Canada
ASC alleges breach of Alberta securities laws by crypto asset trading platform CatalX CTS Ltd. and its CEO and CFO
CALGARY, AB, July 17, 2025 /CNW/ - The Alberta Securities Commission (ASC) has issued a Notice of Hearing against CatalX CTS Ltd. (operating as Catalyx), Hyuek Jae Park (Park) and Jae Ho Lee (Lee). At the time of the alleged misconduct, Lee was chief financial officer and Park was chief executive officer of Catalyx. The Notice of Hearing alleges that Lee perpetrated a fraud on Catalyx clients and that Catalyx failed to comply with a written undertaking it had given the ASC to permit it to continue operating in Canada while its application for registration as an authorized crypto asset trading platform (CTP) was being reviewed by the Commission. At the time of the alleged misconduct, CTPs operating in Canada were required to sign a pre-registration undertaking in order to continue operations while their application for registration was under review. As part of the undertaking, CTPs were required to comply with terms and conditions to address investor protection concerns. More information about the regulation of CTPs is available on the Canadian Securities Administrators website. According to the Notice of Hearing: Beginning in February 2019, Lee improperly withdrew at least $14,030,000 CAD worth of clients' crypto assets from the Catalyx CTP, and transferred them to accounts he controlled at other CTPs. Lee subsequently returned some crypto assets to the Catalyx CTP, leaving it with a substantial shortfall. Lee also misappropriated clients' fiat currency deposits for unauthorized purposes. By November 24, 2023, Park was aware that Lee perpetrated a fraud on clients of Catalyx, but Catalyx failed to inform the ASC of this material breach of the written undertaking until December 21, 2023. In further breach of the written undertaking, Catalyx failed to establish, maintain and apply policies and procedures to manage and mitigate the risk of an employee misappropriating clients' fiat currency and crypto assets that were meant to be held in trust for clients. These are allegations and have not been proven in a hearing. An appearance to set a date for a hearing will be held on September 15, 2025 in the ASC Hearing Room, located on the 5th floor, 250 – 5 Street S.W., Calgary, Alberta. A copy of the Notice of Hearing can be found on the ASC website. The ASC gratefully acknowledges the assistance of the BC Securities Commission, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), and the Financial Market Authority Liechtenstein. 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.
Associated Press
11-03-2025
- Business
- Associated Press
CATALYX NAMES SIGMUND AARO SENIOR VICE PRESIDENT OF BUSINESS DEVELOPMENT FOR NORTH AMERICA
NEWTOWN, Pa., March 11, 2025 /CNW/ -- Catalyx, a leader in automation and vision system integration, today announced the appointment of Sigmund Aaro as senior vice president of business development for North America. Aaro has more than 25 years of leadership experience in industrial automation and manufacturing with deep expertise in technical and business solutions that drive growth and financial success for customers. 'As automation and vision-based solutions continue to reshape industries, Catalyx is investing in top-tier leadership to accelerate our North American growth,' said Mario L. Rocci, Jr., chief executive officer of Catalyx. 'Sigmund's expertise in business development, key account management and digital transformation—along with his ability to lead high-performing teams—makes him an exceptional addition to our organization.' Aaro joins Catalyx from Process Automation Solutions, a division of ATS, where he served as general manager for North America, leading business operations and digital transformation initiatives across life sciences, specialty chemicals, food and beverage, and mission-critical systems. His expertise includes process optimization, quality and safety improvements, and advanced technologies such as robotics, AI, cloud-based process modeling, and hybrid industrial automation solutions. Aaro also held leadership roles at Emerson Automation Solutions, where he helped drive growth in the life sciences sector in North America, as well as Domino Printing Services PLC and Kameleon Group. He has extensive multinational experience, having worked across North America and multiple European markets, giving him a global perspective on sales leadership and operational strategy. 'The automation industry is evolving rapidly, and Catalyx is uniquely positioned to help customers capitalize on these changes with innovative solutions,' Aaro said. 'I'm excited to join this talented team and lead our efforts to expand our reach, strengthen customer partnerships, and deliver measurable value.' About Catalyx Catalyx specializes in optimizing operations for organizations in life sciences and other highly regulated industries. With more than 30 years of experience and a strong presence across North America and Europe, the company is a global leader in machine vision and automation. Its team of engineers and technology specialists partners with organizations worldwide to optimize production, packaging, and logistics processes. Catalyx's sophisticated blend of innovative technologies and professional services drives operational efficiency, ensures compliance, and enhances performance and safety. Catalyx was formed in 2022 when CXV Global and Panacea Technologies joined forces to provide customers with a holistic platform of solutions focused on maximizing their operational performance.
