News Release
ASC issues public interest order against David John Del Bianco in response to criminal conviction
Dec 12, 2024
CALGARY – December 12, 2024 – The Alberta Securities Commission (ASC) has permanently banned David John Del Bianco from participating in Alberta’s capital market after a criminal court found that he defrauded investors.
In January 2023, Justice Devlin of the Court of King’s Bench of Alberta found Del Bianco guilty of one count of fraud over $5,000 and one count of laundering the proceeds of crime under the Criminal Code. The Court found that Del Bianco repeatedly lied to investors about an investment purporting to be a legal services insurance company and redirected investment funds for his own benefit, including to pay for travel, living expenses and his personal mortgage. Investors were defrauded of more than $500,000.
In December 2023, Del Bianco was sentenced to 4.5 years in prison and ordered to pay restitution in the amount of $229,138. He was also barred, for a period of 10 years, from seeking or continuing any employment or volunteer position that involves having authority over the real property, money or valuable security of any other person.
When considering the matter under the Securities Act (Alberta), an ASC panel found that it was in the public interest to issue an order. In its reasons, the panel stated that “Del Bianco engaged in one of the more serious forms of securities-related misconduct for personal gain at the expense of unsuspecting and vulnerable Albertans,” and that “the public interest demands the strongest message of deterrence that we can deliver – permanent market-access bans.”
The panel ordered on December 10, 2024 that Del Bianco:
- must permanently cease trading in or purchasing any securities or derivatives, and that all exemptions contained in Alberta securities laws do not apply to him;
- must immediately resign all positions he holds, and is permanently prohibited from becoming or acting, as a director or officer of any issuer, registrant, investment fund manager, recognized exchange, recognized self-regulatory organization, recognized clearing agency, recognized trade repository, designated rating organization or designated benchmark administrator; and
- is permanently prohibited from engaging in investor relations activities, advising in securities or derivatives, becoming or acting as a registrant, investment fund manager or promoter, and acting in a management or consultative capacity in connection with activities in the securities market.
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 further information please contact:
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