An Alberta Securities Commission panel found that Terrance Anthony Sweeney breached Alberta securities laws by defrauding investors and making false or misleading statements to commission staff during its investigation. Sweeney raised about CAD 222,800 from 15 investors between Jan. 1, 2022, and June 30, 2023, purportedly for foreign exchange trading. A significant portion of the funds was instead used for personal expenses and other unauthorized purposes, resulting in substantial or total investor losses. The proceeding will enter a second phase to determine any sanctions and cost recovery, with the timing to be set after hearing from the parties.
Alberta Securities Commission finds Terrance Anthony Sweeney committed fraud after raising about CAD 222,800 from 15 investors
An Alberta Securities Commission panel found that Terrance Anthony Sweeney committed fraud after raising about CAD 222,800 from 15 investors for purported foreign exchange trading and misappropriating a significant portion of the funds. The panel also found that he made false or misleading statements to commission staff, and a second phase will determine any sanctions and cost recovery.