Ron Aitkens of Alberta has been charged $500,000 for fraud, and providing misleading statements to investors, by the Financial and Consumer Affairs Authority of Saskatchewan (FCAA)
This is not the first time Aitkens was involved in similar charges. In 2013, Aitkens was charged for breaching Alberta securities laws as per report by CTV Regina. Aitkens raised over $84 million from thousands of investors on fake land development schemes he presented to investors.
Although Aitkens has been banned from all jurisdictions after the latest charges, the question remains as to why was he not banned beforehand and penalized with the utmost high punishment for breaching securities laws in any jurisdiction.
The illegal activities he was involved were not minor, they include making or misleading information on the Offering Memorandum and distributing securities without a prospectus.
Going forward securities regulatory bodies should be doing their due diligence implementing appropriate punishments so the occurrence of such crimes decrease over time.
There needs to be stricter repurcussions for people who do this!