CALGARY, AB, Oct. 7, 2022 /CNW/ - The Alberta Securities Commission (ASC) has issued a Notice of Hearing alleging that Paul Lackan perpetrated a fraud on investors, most of whom were clients of his accounting business.

According to the Notice of Hearing, Lackan raised at least $200,000 from investors between July 2018 and December 2020. It is alleged that Lackan misled investors by claiming their funds would be used to acquire securities in an expanding medical business, when in fact he misappropriated investor funds for personal use and/or other unauthorized uses. It is further alleged that, as a result of Lackan's dishonest conduct, investors did not receive securities in the medical company and suffered financial losses.

The allegations have not been proven.

An appearance to set a date for a hearing will be held on November 16, 2022 at 3:00 p.m.

A copy of the Notice of Hearing can be found 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