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by Mike Caswell

The Alberta Securities Commission has fined and permanently banned Shane Ward, an Edmonton man who misappropriated money from a group of investors through a business he called E-Wealth. The ASC said that Mr. Ward told investors he would trade their money in the markets, but he kept a large amount of that money for himself. The trading that Mr. Ward did conduct was unsuccessful, and nearly all of the investors lost their money.

The penalties for Mr. Ward, 45, are contained in a decision of a three-member panel released on Wednesday, May 10. The order permanently bans Mr. Ward from trading, serving as an officer or director, and from carrying out investor relations. He must also pay $305,010 to the ASC, with that amount comprising his gains, a fine and the ASC's costs.

The case arose from a business that Mr. Ward began in 2011 or 2012, when he started asking people if he could make investments on their behalf. After some initial success, he set up an investment fund that he called E-Wealth. He told the ASC that he consulted with a securities lawyer, who told him that he could operate as a private investment fund as long as he kept the number of investors under 50.

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