ASC alleges Calgary resident Craig Michael Thompson, Black Box Management Corp., and Invader Management Ltd. breached Alberta securities laws

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CALGARY, AB, April 5, 2024 /CNW/ - The Alberta Securities Commission (ASC) has issued a Notice of Hearing alleging that Craig Michael Thompson along with two companies he controlled, Black Box Management Corp. and Invader Management Ltd., perpetrated a fraud on investors and breached registration requirements.

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PR Newswire

Retrieved on:

Friday, April 5, 2024

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Tags:

Interim order, Alberta Securities Commission, AB, ASC, Charles Ponzi, Private investigator

Geotags:

ALBERTA, CANADA, THOMPSON

Organisation:

ALBERTA SECURITIES COMMISSION

Summary

Key Points:

CALGARY, AB, April 5, 2024 /CNW/ - The Alberta Securities Commission (ASC) has issued a Notice of Hearing alleging that Craig Michael Thompson along with two companies he controlled, Black Box Management Corp. and Invader Management Ltd., perpetrated a fraud on investors and breached registration requirements.
According to the Notice of Hearing, Thompson raised about $150 million from approximately 1,000 investors between March 2020 and September 2023.
Most investors provided funds for Thompson to trade in securities on their behalf.
As a member of the Canadian Securities Administrators, the ASC works to improve, coordinate and harmonize the regulation of Canada's capital markets.

ASC alleges Calgary resident Craig Michael Thompson, Black Box Management Corp., and Invader Management Ltd. breached Alberta securities laws

CALGARY, AB, April 5, 2024 /CNW/ - The Alberta Securities Commission (ASC) has issued a Notice of Hearing alleging that Craig Michael Thompson along with two companies he controlled, Black Box Management Corp. and Invader Management Ltd., perpetrated a fraud on investors and breached registration requirements.

According to the Notice of Hearing, Thompson raised about $150 million from approximately 1,000 investors between March 2020 and September 2023. Most investors provided funds for Thompson to trade in securities on their behalf. A few investors provided funds to invest in an invoice factoring business.

It is alleged that Thompson did not use most of the investor funds for investment purposes, but rather paid existing investors with funds from new investors. In the fall of 2023, Thompson advised investors that there had been a catastrophic loss. Based on the investigation, Thompson ran out of sufficient funds to sustain the Ponzi-like scheme.

These are allegations and have not been proven in a hearing.

On October 27, 2023, the ASC issued an Interim Order that will remain in effect until October 27, 2024.

An appearance to set a date for a hearing will be held on May 21, 2024 at 11 a.m. in the ASC Hearing Room on the 5th floor, 250 – 5 Street S.W., Calgary, Alberta.

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

The ASC gratefully acknowledges the assistance of the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), Texas State Securities Board and United States Securities and Exchange Commission (SEC).

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.

SOURCE Alberta Securities Commission