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Sep 22, 2022
CALGARY – September 22, 2022 – The Alberta Securities Commission (ASC) has issued a Notice of Hearing alleging that Xfuels Inc. and its president and CEO Michael David McLaren breached an ASC cease trade order (CTO). Under the CTO, all trading or purchasing of Xfuels securities were to have ceased.
According to the Notice of Hearing, McLaren approved the issuance of Xfuels common and preferred stock to numerous individuals and entities, including himself and his family members, in breach of the CTO. The Notice of Hearing also alleges that Xfuels and McLaren engaged in numerous acts in furtherance of trading in Xfuels securities, in breach of the CTO.
The allegations have not been proven.
An appearance to set a date for a hearing will be held on October 27, 2022 at 9:30 a.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.
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