Alberta Securities Commission imposes up to 20-year bans and monetary sanctions over CAD 20 million unregistered trading operation

The Alberta Securities Commission has sanctioned Glenn Donald Hunter, Kyle William Watters, HW & Associates Inc. and HW TradeFX LLC for breaching Alberta securities laws through unregistered trading. The respondents admitted they engaged in the business of trading without dealer registration, and an ASC panel had previously found they raised about CAD 20 million from approximately 200 investors between February 2021 and February 2023. In its sanction decision, the panel characterized the conduct as serious misconduct and differentiated the sanctions based on each individual’s role. Watters was found to have played the leading role in the operation and to bear greater responsibility for investor losses. He received 20-year market-access bans, subject to conditions and exceptions, and was ordered to pay CAD 1,013,137.81 obtained through the misconduct, an administrative penalty of CAD 150,000 and costs of CAD 15,055.81. Hunter was found to bear less responsibility but to have continued participating despite being aware of registration concerns raised by securities regulators. He received 16-year market-access bans, subject to conditions and exceptions, and was ordered to pay CAD 600,000 obtained through the misconduct, an administrative penalty of CAD 125,000 and costs of CAD 15,055.81. HW & Associates Inc. and HW TradeFX LLC were made subject to permanent market-access bans.