News Release

ASC alleges Calgary resident Raymond Cawaling and RTAX Financial Corp. breached Alberta securities laws

Dec 22, 2022

CALGARY – December 22, 2022 – The Alberta Securities Commission (ASC) has issued a Notice of Hearing alleging that Raymond Cawaling and RTAX Financial Corp. (RTAX) engaged in illegal distributions and perpetrated a fraud on investors.

The Notice of Hearing alleges that:

  • Cawaling and RTAX raised more than $800,000 from investors between October 2016 and November 2019.
  • Cawaling and RTAX sold short-term loan agreements and joint venture agreements to investors, who were told by Cawaling that their funds would be invested with various third-parties, including two overseas companies. These investments were distributions of securities and Cawaling and RTAX breached securities laws by selling these investments without a prospectus and without qualifying investors for any prospectus exemptions.
  • Cawaling and RTAX misled investors about how their funds would be used, and misappropriated funds for unauthorized purposes, including transfers to Cawaling’s personal accounts, payments of unrelated debts and payments of interest and capital to other investors.

The allegations have not been proven.

An appearance to set a date for a hearing will be held on Wednesday, February 8, 2023 at 1:30 p.m.

A copy of the Notice of Hearing can be found on the ASC website at

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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For further information please contact:

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For Investor Inquiries:

Theresa Schroder
Senior Advisor, Communications

ASC Public Inquiries
Toll Free: 1-877-355-4488