The Alberta Securities Commission concluded a settlement agreement and undertaking with Colin Garfield Wagner, former chief financial officer of reporting issuer Target Capital Inc, after he admitted to engaging in conduct that he knew or ought to have known may perpetrate a fraud on the company and investors and to making false and materially misleading statements. The misconduct related to transfers made between October 2019 and February 2021, when Wagner transferred CAD 2,286,440 of Target’s cash to support the operations of a related company, Performance CBD Brands Corp, at the request of Target’s chief executive officer Shahin “Sonny” Mottahed, without seeking independent confirmation from Target’s other directors and without disclosure to investors or the market as required. Wagner also admitted the transfers were misrepresented in Target’s continuous disclosure, including in his certifications of interim filings and certain company news releases. Under the settlement, Wagner paid CAD 100,000, agreed to resign any director or officer positions, and accepted 15-year prohibitions that include director and officer roles, investor relations activities, trading and purchasing securities or derivatives (subject to limited exceptions), advising, reliance on exemptions under Alberta securities laws, and acting as a registrant, investment fund manager, promoter, or in a management or consultative capacity in the securities market. Wagner had been named as a respondent in a notice of hearing issued on January 22, 2025, and the hearing against the remaining respondent, Mottahed, was scheduled to commence on September 22, 2025. The ASC acknowledged assistance from the British Columbia Securities Commission and the Canadian Investment Regulatory Organization in the matter.

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