The Alberta Securities Commission issued a Notice of Hearing against GIC Capital Corp., Maljaars Financial Inc., Jeff Barrie Wilkie and Robert Jacob Maljaars, alleging they perpetrated a fraud on investors and failed to comply with an ASC decision. The Notice of Hearing alleges that between January 1, 2020 and August 31, 2024, GIC raised at least CAD 2.7 million and USD 1.9 million from investors in Canada and the United States by claiming investor money would be held safely in a segregated trust account. Instead, it alleges investment capital was not held in trust and was often used to pay returns to other investors, cover personal expenses, or for other unauthorized purposes, resulting in substantial or total investor losses. It also alleges GIC and Wilkie continued trading in GIC securities while subject to an Interim Cease Trade Order issued by the ASC in June 2024; the allegations have not been proven. An appearance to set a hearing date is scheduled for July 15, 2025. The ASC acknowledged assistance from the New Zealand Financial Markets Authority in the matter.
Alberta Securities Commission 2025-05-15
Alberta Securities Commission issues Notice of Hearing alleging GIC Capital Corp. investor fraud and breach of interim cease trade order
The Alberta Securities Commission issued a Notice of Hearing against GIC Capital Corp., Maljaars Financial Inc., Jeff Barrie Wilkie, and Robert Jacob Maljaars, alleging fraud and non-compliance with an ASC decision. Allegations include misappropriation of at least CAD 2.7 million and USD 1.9 million from investors and continued trading under an Interim Cease Trade Order. The ASC noted assistance from the New Zealand Financial Markets Authority.