CALGARY – Four Concrete Equities executives, who raised tens of millions from investors and were found in breach of securities laws, have been levied combined penalties that top $5.6 million.
It includes the highest penalty the Alberta Securities Commission has given to an individual – $3.3 million to David Humeniuk, one of Concrete’s founders.
“Much harm resulted from all of this misconduct,” the Alberta Securities Commission panel said in its decision.
Humeniuk, Varun Vinny Aurora, David Jones and Vincenzo De Palma were all found last fall to have breached multiple Alberta securities rules after a lengthy hearing earlier in the year.
Concrete Equities raised about $110 million from individual investors to buy commercial properties in Calgary, and is now defunct, although some investors still own some properties after projects were restructured.
Concrete Equities went into receivership in 2009.
The ASC has levied the following penalties:
- ‘Shock and disbelief’ after Manitoba school trustee’s Indigenous comments
- Canadian man dies during Texas Ironman event. His widow wants answers as to why
- Several baby products have been recalled by Health Canada. Here’s the list
- ‘Sciatica was gone’: hospital performs robot-assisted spinal surgery in Canadian first
Against Humeniuk, at one point the senior vice-president of Concrete Equities and its general manager, who was under a life time ban from the Real Estate Council of Alberta:
• a $3.3 million penalty
• $22,000 in costs;
• a permanent ban on trading in or purchasing any securities or exchange contracts;
• a permanent ban on becoming a director or officer of any issuer.
Against Jones, president and later CEO of Concrete Equities, who was also sanctioned by the ASC in a separate case for his role with Wealthstreet, an investment firm he founded:
• $1.2 million in penalties;
• $22,000 in costs;
• a permanent ban on trading in or purchasing any securities or exchange contracts;
• a permanent ban on becoming a director or officer of any issuer.
Against Aurora, Concrete Equities’ vice-president and later chief operating officer:
• $500,000 in penalties;
• $11,000 in costs;
• a ban on trading in or purchasing any securities or exchange contracts for five years;
• a ban on being a director or officer of any issuer for nine years.
Against De Palma, vice-president of sales and business development for Concrete Equities and later its executive vice-president:
• $600,000 in penalties;
• $11,000 in costs;
• a ban on trading in or purchasing any securities or exchange contracts for nine years;
• a ban on being a director or officer of any issuer for five years
Comments