The Alberta Securities Commission (ASC) has sanctioned Craig Michael Thompson and two companies he controlled, Black Box Management Corp. and Invader Management Ltd., for securities misconduct including fraud, ordering approximately CAD 8.1 million in disgorgement, a CAD 750,000 administrative penalty and CAD 14,000 in costs. Thompson is permanently banned from trading in or purchasing any securities and must resign from any director or officer positions, while all three respondents are subject to permanent market-access bans. In agreed facts and admissions, the respondents admitted that between 2020 and 2023 they raised CAD 150 million from more than 1,000 investors in the United States and Alberta on the understanding the funds would be used for day trading. Only a small portion was used for trading, which generated a cumulative net loss of nearly USD 15 million, while the majority of investor funds was misappropriated to pay other investors their purported returns; investors were provided weekly statements showing positive performance and growing balances that were fabricated. The scheme collapsed in fall 2023 and many investors suffered substantial losses.
Alberta Securities Commission 2025-08-28
Alberta Securities Commission sanctions Craig Michael Thompson and two controlled companies for CAD 150 million fraud and imposes permanent market bans
The Alberta Securities Commission sanctioned Craig Michael Thompson and his companies for securities fraud, imposing CAD 8.1 million in disgorgement, a CAD 750,000 penalty, and CAD 14,000 in costs. Thompson is permanently banned from trading and must resign from director or officer roles, with all respondents facing permanent market-access bans. They admitted to raising CAD 150 million from over 1,000 investors under false pretenses, misappropriating funds, and fabricating performance statements, causing substantial investor losses.