The Alberta Securities Commission (ASC) has sanctioned Raymond Cawaling and RTAX Financial Corp. for illegally distributing securities and committing fraud on investors, including misappropriating at least CAD 462,421. The misconduct occurred between October 2016 and November 2019, when investors were told their funds would be used to invest in or provide loans to third parties, including an overseas mining company, but a significant portion was redirected for personal use, to repay unrelated debts, and to pay principal and interest to other investors in a Ponzi-like scheme. The ASC panel ordered the respondents to jointly pay CAD 462,421, an administrative penalty of CAD 175,000, and investigation and hearing costs of CAD 81,755; Cawaling must resign any director or officer roles and is subject to permanent market-access bans, while RTAX is permanently prohibited from trading, purchasing, or advising in securities or derivatives and all trading in or purchasing of RTAX securities must cease.
Alberta Securities Commission 2025-07-14
Alberta Securities Commission sanctions Raymond Cawaling and RTAX Financial for illegal distributions and investor fraud
The Alberta Securities Commission has sanctioned Raymond Cawaling and RTAX Financial Corp. for illegal securities distribution and investor fraud, including misappropriating at least CAD 462,421. The ASC ordered them to pay CAD 462,421, an administrative penalty of CAD 175,000, and costs of CAD 81,755. Cawaling faces permanent market-access bans, and RTAX is permanently barred from trading or advising in securities or derivatives.