CALGARY,
AB, April 30, 2024 /CNW/ - 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.
SOURCE Alberta Securities Commission