ASC alleges Calgary businessman Ali Ghani, Summerside Development Trust and others perpetrated a fraud

CALGARY, AB, Feb. 7, 2022 /CNW/ - The Alberta Securities Commission (ASC) has issued a Notice of Hearing alleging that Ali Ghani and the following entities controlled by Ghani perpetrated a fraud on investors: Summerside Development Trust, Summerside Commercial Trust, Prism Summerside Limited Partnership, Prism Summerside Development Corp. and Prism Real Estate Investment Corporation. 

According to the Notice of Hearing, Ghani, the Trusts and the Partnership used investor funds to develop and sell a strip mall in the Summerside neighborhood of Edmonton, Alberta. It is alleged that once the mall was sold in December 2017, instead of paying investors their share of proceeds from the sale, Ghani and the other respondents misappropriated approximately $2.6 million from the sale proceeds for personal and/or other unauthorized uses.

The allegations have not been proven.

An appearance to set a date for a hearing will be held on March 23, 2022 at 9 a.m.

A copy of the Notice of Hearing can be found on the ASC website at albertasecurities.com.

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.

SOURCE Alberta Securities Commission

For Media Inquiries: Theresa Schroder, Senior Advisor, Communications, 587.830.4286; For Investor Inquiries: ASC Public Inquiries, Toll Free 1.877.355.4488