News Release
ASC alleges Calgary residents Shahin Mottahed and Colin Garfield Wagner breached Alberta securities laws
Jan 28, 2025
CALGARY – January 28, 2025 – The Alberta Securities Commission (ASC) has issued a Notice of Hearing against Calgary residents Shahin “Sonny” Mottahed and Colin Garfield Wagner. The Notice of Hearing alleges that Mottahed and Wagner perpetrated a fraud on Target Capital Inc. (Target) and investors; misrepresented information in Target’s interim financial report and management’s discussion and analysis (MD&A) for the period ended December 31, 2019, and in certain 2020 news releases issued by Target; and caused Target to file false or misleading documents with the ASC.
According to the Notice of Hearing, Mottahed and Wagner were CEO and CFO, respectively, of Target (now Westgate Energy Inc.), an Alberta reporting issuer. It is alleged that between October 7, 2019, and February 9, 2021, Mottahed and Wagner fraudulently diverted nearly $2.3 million from Target to Performance CBD Brands Corp. (Performance), a private business venture controlled by Mottahed. The diversion of funds occurred without the knowledge or approval of Target’s board of directors. Mottahed and Wagner also concealed the diversion of funds from investors and the market by causing Target to issue and file false or misleading periodic disclosure and news releases. At the time of the alleged misconduct, Mottahed and Wagner were also the CEO and CFO, respectively, of Performance.
These are allegations and have not been proven in a hearing.
An appearance to set a date for a hearing will be held on March 12, 2025, in the ASC Hearing Room, located on the 5th floor, 250 – 5 Street S.W., Calgary, Alberta.
A copy of the Notice of Hearing can be found on the ASC website.
The ASC gratefully acknowledges the assistance of the British Columbia Securities Commission and the Canadian Investment Regulatory Organization.
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