Investors in the once high profile real estate company Concrete Equities are claiming victory today.
On Tuesday, four executives received a record fine for illegal securities trading.
The company raised $120-million from 3,700 people.
Lisa Whetter is one of thousands of former investors in the Concrete Equities.
She’s part of a steering committee which helped exposed illegal activities by four company directors.
Knowing those directors have been fined $5.6 million for securities violations is the end of a long fight.
“I think that they were definitely given the maximum,” she says. “I think that we’re happy about that, it was really a victory in a sense.”
David Jones, David Humeniuk, Vinny Aurora and Vincenzo De Palma weren’t registered to sell investments and three of them misled investors.
The securities commission says it’s a lesson for future investors, suggesting they get a third party to review the investment and check the background of the people involved.
Many investors have complained to the police hoping for fraud charges, but the RCMPcommercial crime unit can’t confirm or deny if an investigation is underway.
Concrete equities went into receivership in 2009, but not before about half the investors got control of five commercial buildings and got most of their money back.
The rest lost everything.
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