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ASC cites Calgary's Mottahed, Wagner for $2.3M fraud

2025-01-28 19:52 ET - Street Wire

Also Street Wire (C-WGT) Westgate Energy Inc

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by Mike Caswell

The Alberta Securities Commission has begun proceedings against Calgary's Shahin "Sonny" Mottahed and Colin Wagner, claiming that they diverted $2.3-million worth of money from TSX Venture Exchange listing Target Capital Inc. in 2020. The ASC says that the men transferred money out of the company's bank account while concealing their scheme from Target Capital's board. The transfers were of "no economic benefit" to Target Capital, according to the ASC.

The allegations are contained in a notice of hearing that the ASC released on Tuesday, Jan. 28. The notice identifies Mr. Mottahed as the chairman and president of Target Capital, starting in November, 2017. The ASC lists Mr. Wagner as the company's chief financial officer, starting in August, 2019.

The scheme, as set out by the ASC, began in late 2019, when Target Capital had $3.2-million in assets, most of which was cash from a financing. According to the ASC, Mr. Mottahed and Mr. Wagner made several transfers of the company's money to an entity called Performance CBD Brands Corp., which had Mr. Mottahed as its majority shareholder and sole director. The men also used Target Capital's money to pay invoices on behalf of Performance CBD, the ASC claims.

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