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Jun 01, 2023
CALGARY – June 1, 2023 – The Alberta Securities Commission (ASC) and the Alberta RCMP Federal Policing Integrated Market Enforcement Team (IMET) announce that William Jordan McBean of Calgary was sentenced to seven years in jail by Justice W. Patrick Sullivan of the Court of King’s Bench of Alberta on May 31, 2023.
Following an investigation by the Joint Serious Offences Team (JSOT) and a subsequent trial in the Court of King’s Bench, McBean was found guilty of 12 counts of fraud over $5,000 under the Criminal Code. McBean defrauded 11 victims out of a total of $2 million in fees that were allegedly charged to access billions of dollars in financing, which never materialized. Another victim, a woman in her 70s at the time, was defrauded of $425,035 USD in relation to funds provided to McBean for investment purposes.
McBean’s sentence includes an order to pay restitution in the amounts of $1,628,431 CDN and $424,000 USD to the investors. The Court also ordered that McBean is prohibited, for a period of 12 years, from being in an employment or volunteer role that involves having authority over the real property, money or valuable security of another person.
“McBean’s fraud was devastating to his victims, some of whom have suffered serious psychological, health and financial harm,” said Cynthia Campbell, Director of Enforcement at the ASC. “The seven-year jail term McBean received is the lengthiest sentence imposed to date in a JSOT case in Alberta, and reflects the gravity of his crimes. The ASC, through our JSOT partnership, is committed to holding those who prey on investors accountable.”
JSOT gratefully acknowledges the assistance of the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), the Calgary Police Service and the Securities Commission of the Bahamas in this matter. JSOT is an enforcement partnership between the ASC, IMET and Alberta Crown Prosecution Service. JSOT investigates and prosecutes quasi-criminal cases under the Securities Act and certain securities-related criminal offences under the Criminal Code. In particular, JSOT targets repeat offenders, serious frauds and breaches of ASC or court orders and bans. The primary objective is to protect investors and further enhance confidence in the Alberta capital market through collaborative investigations and prosecutions of serious violations of the law using the provisions of the Securities Act (Alberta) or the Criminal Code.
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.
IMET is a specialized unit under the Alberta RCMP Federal Policing program that detects, investigates, and deters market fraud. IMET works closely with the ASC to protect investors and further enhance confidence in Canada’s capital markets.
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Theresa Schroder Senior Advisor, Communications email@example.com
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