News Release

Court finds William Jordan McBean guilty of fraud

Jan 16, 2023

CALGARY – January 16, 2023 – The Alberta Securities Commission (ASC) and the Alberta RCMP Federal Policing Integrated Market Enforcement Team (IMET), following an investigation by the Joint Serious Offences Team (JSOT), announced today that William Jordan McBean of Calgary, Alberta has been convicted of 12 counts of fraud over $5,000 under the Criminal Code.

Following a trial, Justice W. Patrick Sullivan of the Court of King’s Bench of Alberta found that McBean defrauded 11 victims out of a total of $2 million in fees charged allegedly to obtain access to 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.

Sentencing submissions are scheduled to occur on February 21, 2023 in the Court of King’s Bench, Calgary.

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

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