The Alberta Securities Commission has issued a Notice of Hearing against Calgary residents Shahin “Sonny” Mottahed and Colin Garfield Wagner, alleging they perpetrated a fraud on Target Capital Inc. (now Westgate Energy Inc.) and its investors and caused the issuer to file false or misleading documents. The notice alleges that, while serving as Target’s CEO and CFO, Mottahed and Wagner diverted nearly CAD 2.3 million from Target to Performance CBD Brands Corp., a private venture controlled by Mottahed, between October 7, 2019 and February 9, 2021, without Target board approval. It further alleges they concealed the diversion by misrepresenting information in Target’s interim financial report and management’s discussion and analysis for the period ended December 31, 2019, and in certain 2020 Target news releases, and by causing Target to issue and file false or misleading disclosure. An appearance to set a hearing date is scheduled for March 12, 2025.
Alberta Securities Commission 2025-01-28
Alberta Securities Commission initiates hearing proceedings alleging fraud and disclosure misrepresentations by former Target Capital executives
The Alberta Securities Commission has issued a Notice of Hearing against Shahin “Sonny” Mottahed and Colin Garfield Wagner, alleging fraud against Target Capital Inc. (now Westgate Energy Inc.) and its investors. The allegations include diverting nearly CAD 2.3 million to a private venture controlled by Mottahed without board approval and filing false or misleading documents. A hearing date will be set on March 12, 2025.