{"id":15114,"date":"2019-06-05T17:37:57","date_gmt":"2019-06-05T21:37:57","guid":{"rendered":"https:\/\/insurance-journal.ca\/article\/asc-makes-fraud-finding\/"},"modified":"2019-06-05T17:37:57","modified_gmt":"2019-06-05T21:37:57","slug":"asc-makes-fraud-finding","status":"publish","type":"post","link":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/2019\/06\/05\/asc-makes-fraud-finding\/","title":{"rendered":"ASC makes fraud finding"},"content":{"rendered":"\n<div><img decoding=\"async\" src=\"http:\/\/insurance-journal.ca\/media\/photologue\/photos\/pointing_fingers.png\" class=\"ff-og-image-inserted\"><\/div>\n<p>The <strong>Alberta Securities Commission<\/strong> (ASC) announced on June 5 that it has found that <strong>Brian Arthur Kitts<\/strong> and <strong>Vesta Capcorp Inc.<\/strong> breached Alberta securities laws<\/p>\n<p>The respondents raised approximately $4.3 million and US$850,000 from approximately 38 investors between February 2014 and June 2015, says the regulator.<\/p>\n<h5>Misappropriation of funds for personal use<\/h5>\n<p>An ASC panel determined that the respondents engaged in prohibited acts, including: falsely misrepresenting to prospective Vesta investors that invested funds would be used to provide short-term financing to real estate industry participants; diverting invested funds to business ventures that were not identified or otherwise within the reasonable expectation of Vesta investors; misappropriating investor funds to the personal use of Kitts and his spouse; and using investors&#8217; capital to repay principal and to pay imaginary profits to investors.<\/p>\n<p>The panel stated, &#8220;Kitts (and through him, Vesta) operated an unsophisticated Ponzi scheme, while diverting investors&#8217; capital for personal and other unauthorized uses.&#8221;<\/p>\n<p>The ASC says the proceeding will now move into a second phase to determine if any orders for sanctions and costs ought to be made against Kitts and Vesta.<\/p>\n<p> <a href=\"https:\/\/insurance-journal.ca\/article\/asc-makes-fraud-finding\/\">Read the original article at insurance-journal.ca <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Alberta Securities Commission (ASC) announced on June 5 that it has found that Brian Arthur Kitts and Vesta Capcorp Inc. breached Alberta securities laws The respondents raised approximately $4.3 million and US$850,000 from&#46;&#46;&#46;<\/p>\n","protected":false},"author":578,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/15114"}],"collection":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/users\/578"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/comments?post=15114"}],"version-history":[{"count":0,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/15114\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=15114"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=15114"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=15114"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}