ASC finds that Paul Lackan perpetrated a fraud on investors

CALGARY, AB, June 13, 2024 /CNW/ - The Alberta Securities Commission (ASC) has found that Paul Lackan perpetrated a fraud on investors, most of whom were clients of his accounting business.

An ASC panel determined that, between July 2018 and December 2020, Lackan raised over $153,000 from investors and misappropriated at least $115,000 of that amount. The panel found that Lackan told investors the funds would be used to acquire or invest in a medical business, but instead spent much of the money on personal expenses and on unrelated business expenses. Most investors did not receive their principal back or any return on their investments.

The proceeding will now move into a second phase to determine what, if any, orders for sanction or cost recovery ought to be made against Lackan. The timing of the next steps will be set after hearing from the parties.

A copy of the decision is available on the ASC website at asc.ca.

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: Tanja McMorris, Alberta Securities Commission, [email protected]; For investor inquiries: ASC Public Inquiries, Toll Free: 1-877-355-4488, [email protected]