Alberta Court of Appeal dismisses Allan Robert Magneson's appeal of ASC decision
Retrieved on:
Wednesday, December 6, 2023
CALGARY, AB, Dec. 6, 2023 /CNW/ - In a Memorandum of Judgment dated December 5, 2023, the Alberta Court of Appeal unanimously dismissed an appeal from an Alberta Securities Commission (ASC) decision finding that Allan Robert Magneson, New Wave Innovations Ltd. (New Wave), and 1111108 Alberta Ltd. (111 Alberta) perpetrated a fraud in connection with the sale of New Wave securities.
Key Points:
- CALGARY, AB, Dec. 6, 2023 /CNW/ - In a Memorandum of Judgment dated December 5, 2023, the Alberta Court of Appeal unanimously dismissed an appeal from an Alberta Securities Commission (ASC) decision finding that Allan Robert Magneson, New Wave Innovations Ltd. (New Wave), and 1111108 Alberta Ltd. (111 Alberta) perpetrated a fraud in connection with the sale of New Wave securities.
- Magneson had appealed the ASC panel's written decision of August 11, 2021, challenging the fairness of the ASC proceeding and the finding of fraud.
- The Alberta Court of Appeal found that the ASC proceeding was procedurally fair and upheld the ASC's finding that Magneson perpetrated a fraud on New Wave investors.
- The ASC imposed sanctions on Magneson and 111 Alberta and made orders restricting the purchase and sale of securities of New Wave and by New Wave.