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Jan 13, 2022
CALGARY – January 13, 2022 – The Alberta Securities Commission (ASC) has issued a decision permanently prohibiting Christopher Uitvlugt from participating in Alberta’s capital market after he was convicted of fraud over $5,000 in Ontario.
Uitvlugt was sentenced to five years’ imprisonment (less time spent in pre-trial custody) by the Ontario Superior Court of Justice on November 12, 2019 after he pled guilty to one count of fraud. He operated a fraudulent Ponzi scheme through his Ontario business for approximately one year. In that time, he raised approximately $4.8 million from at least 874 investors – including at least 10 from Alberta. Uitvlugt, a former Alberta resident, offered investors an opportunity to make a significant return from his supposed foreign exchange trading efforts, but he instead made payments to some investors from the contributions of subsequent investors while also using investment funds for unauthorized personal and company expenses.
An ASC panel found that the investments were securities within the meaning of the Securities Act (Alberta), that Uitvlugt’s conviction arose from a course of conduct related to securities, and that it was in the public interest to issue orders to protect Alberta investors and the Alberta capital market.
The panel ordered that Uitvlugt:
A copy of the decision is available on the ASC website at albertasecurities.com.
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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