News Release
ASC finds that Shane Courtney Ward breached Alberta securities laws
Oct 24, 2022
CALGARY – October 24, 2022 – The Alberta Securities Commission (ASC) has found that Shane Courtney Ward breached the Securities Act (Alberta) by illegally distributing securities, making misrepresentations to investors and perpetrating a fraud.
Ward, formerly from Edmonton, operated under the trade name Engineered Wealth (E-Wealth). ASC Staff alleged that from February 2011 to April 2018 he solicited investments from 22 investors – 21 of whom were Alberta residents – and raised approximately $819,000.
An ASC panel determined that Ward distributed E-Wealth securities without a prospectus and without an exemption from the prospectus filing requirement, that he misled investors in regards to the security of their principal investment and expected rates of return, and that he misappropriated investor funds for personal use and/or other unauthorized uses. Ultimately, E-Wealth failed and nearly all investors lost their funds and received no returns on their investments.
The proceeding will now move into a second phase to determine what, if any, orders for sanction or cost-recovery ought to be made against Ward. The timing of the next steps will be set after hearing from the parties.
A copy of the decision is available on the ASC website at asc.ca.
The ASC gratefully acknowledges the assistance of the British Columbia Securities Commission and the Association of Professional Engineers and Geoscientists of Alberta in this matter.
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.
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For further information please contact:
For Media Inquiries:
For Investor Inquiries:
Theresa Schroder
Senior Advisor, Communications
media@asc.ca
ASC Public Inquiries
Toll Free: 1-877-355-4488
inquiries@asc.ca