News Release
ASC finds that Paul Lackan perpetrated a fraud on investors
Jun 13, 2024
CALGARY – June 13, 2024 – The Alberta Securities Commission (ASC) has found that Paul Lackan perpetrated a fraud on investors, most of whom were clients of his accounting business.
An ASC panel determined that, between July 2018 and December 2020, Lackan raised over $153,000 from investors and misappropriated at least $115,000 of that amount. The panel found that Lackan told investors the funds would be used to acquire or invest in a medical business, but instead spent much of the money on personal expenses and on unrelated business expenses. Most investors did not receive their principal back or any return 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 Lackan. 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 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.
An ASC panel determined that, between July 2018 and December 2020, Lackan raised over $153,000 from investors and misappropriated at least $115,000 of that amount. The panel found that Lackan told investors the funds would be used to acquire or invest in a medical business, but instead spent much of the money on personal expenses and on unrelated business expenses. Most investors did not receive their principal back or any return 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 Lackan. 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 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.
For Media Inquiries:
For Investor Inquiries:
Tanja McMorris
Alberta Securities Commission
media@asc.ca
ASC Public Inquiries
Toll Free 1-877-355-4488
inquiries@asc.ca