ASC permanently bans Logan Keith Shaw and 1681502 Alberta Ltd. from Alberta's capital market

CALGARY, AB, July 19, 2023 /CNW/ - The Alberta Securities Commission (ASC) has sanctioned Logan Keith Shaw and 1681502 Alberta Ltd. (1681502) for perpetrating a fraud on investors.

An ASC panel previously determined that from September 26 to October 16, 2012, 1681502, a company Shaw controlled, raised $940,000 from investors, and Shaw and 1681502 misappropriated the majority of that money for Shaw's personal use.

In its sanctions decision, the ASC panel stated that Shaw and 1681502 "engaged in very serious misconduct which caused considerable harm." The panel ordered an array of permanent market-access bans against Shaw and 1681502. The panel also ordered that Shaw pay an administrative penalty of $150,000, disgorgement of $283,780, and investigation and hearing costs of $129,000.

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: Theresa Schroder, Senior Advisor, Communications, [email protected]; For Investor Inquiries: ASC Public Inquiries Toll Free 1.877.355.4488