By David Opinko (Lethbridge News Now)

Lethbridge

Lethbridge man fined $500,000 on fraud convictions

Jul 31, 2019 | 6:12 PM

Lethbridge- Ronald James Aitkens and his associated firms will have to pay half a million dollars for committing fraud and making untrue or misleading statements.

According to the Financial and Consumer Affairs Authority of Saskatchewan (FCAA), Aitkens raised over $84-million from thousands of investors in the province through a series of “proposed land development schemes.”

A hearing panel found that he took money and property from investors and distributed it illegally to his firms, identified as 1252064 Alberta Ltd.,1330075 Alberta Ltd., Harvest Capital Management Inc., and Harvest Group GP Corporation

“The panel pointed out that Aitkens acted with blatant disregard for the securities laws of Saskatchewan and that as a result, hundreds of Saskatchewan residents have lost their investments,” states the FCAA in its findings.

Aitkens and his four named companies must each pay administrative penalties of $100,000 and collectively pay hearing costs of more than $30,000.

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Both he and the firms are permanently banned from trading in securities or derivatives or using any exemptions in Saskatchewan securities laws.

Aitkens is also banned from market-access in other jurisdictions.