June 25, 2024

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An unscrupulous investment scheme lasting roughly 3½ years has resulted in a collective loss of $150 million by investors, according to an Alberta regulator.

In a statement released on Friday, the Alberta Securities Commission alleged that Craig Michael Thompson, alongside two firms he operated – Black Box Management Corp. and Invader Management Ltd., misappropriated funds from approximately 1,000 investors from March 2020 to September 2023, using these funds to pay other stakeholders, rather than for the intended investment purposes.

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“In 2023, during the autumn season, Thompson notified investors about a disastrous loss,” claimed the ASC. “Based on the probe, Thompson was running out of the required funds needed to continue the Ponzi-like scheme.”

The majority of the swindled individuals invested money with Thompson with the intent of trading in securities, while a lesser number supplied funds for investment in a company engaged in invoice factoring, added the regulator.

The accusations are yet to face the scrutiny of a formal hearing, scheduled on 21st May in Calgary.

In conducting the investigation, the ASC was assisted by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), the Texas State Securities Board, and the United States Securities and Exchange Commission (SEC).

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