News Release
ASC alleges Glenn Hunter of Grande Prairie and Kyle Watters of Kelowna and their companies, HW & Associates Inc. and HW TradeFX LLC, acted as unregistered dealers
Apr 30, 2024
CALGARY – April 30, 2024 – The Alberta Securities Commission (ASC) has issued a Notice of Hearing against Glenn Donald Hunter, of Grande Prairie, AB, and Kyle William Watters, of Kelowna, BC, along with companies they controlled, HW & Associates Inc. and HW TradeFX LLC, for purportedly acting as unregistered dealers.
According to the Notice of Hearing, between February 2021 and February 2023, Hunter and Watters raised about $20 million from approximately 200 investors. It is alleged that through their companies, Hunter and Watters operated a foreign exchange (also known as a forex) trading business using investor funds. Using a Cayman Islands-based online trading platform called Tradeview Ltd., their forex trading was ultimately unsuccessful, which resulted in significant losses for investors.
The Notice of Hearing alleges that Hunter, Watters, HW & Associates Inc. and HW TradeFX LLC acted as a dealer without being registered in any capacity as required under Alberta securities laws.
These are allegations and have not been proven in a hearing.
An appearance to set a date for a hearing will be held on June 28, 2024, at 9:30 a.m. in the ASC Hearing Room on the 5th floor of 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 Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), Financial and Consumer Affairs Authority (FCAA), British Columbia Securities Commission (BCSC) and the Cayman Islands Monetary Authority (CIMA).
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