CALGARY, Jan. 27, 2014 /CNW/ - The Alberta Securities Commission (ASC) has charged Kenneth Charles Fowler and Douglas Wayne Schneider with fraud in relation to the sale of securities of The Investment Exchange Mortgage Corporation (TIE Mortgage). The two men were also charged with unregistered trading in TIE Mortgage securities, engaging in an illegal distribution of those securities, and making misleading or untrue statements to investors regarding the use of the invested funds.
On November 21, 2012, the ASC ordered that trading or purchasing in respect of any securities of TIE Mortgage cease. On December 13, 2012, the Court of Queen's Bench appointed an Inspector to identify, locate and take into possession evidence and exigible property of TIE Mortgage and Kenneth Fowler. According to a report of the Inspector, investors contributed more than $27 million to TIE Mortgage purportedly for investment into short-term loans.
At this time, Fowler and Schneider's whereabouts are unknown and a warrant has been issued for their arrest. Anyone with information about their location should contact ASC Public Inquiries at 1-877-355-4488 or [email protected].
The ASC is the regulatory agency responsible for administering the province's securities laws. It is entrusted to foster a fair and efficient capital market in Alberta and to protect 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