Released on July 18, 2019The Financial and Consumer Affairs Authority of Saskatchewan (FCAA) has sanctioned Ronald James Aitkens, 1252064 Alberta Ltd., 1330075 Alberta Ltd., Harvest Capital Management Inc., and Harvest Group GP Corporation for committing a fraud and making untrue or misleading statements to investors.
Ron Aitkens raised over $84 million from thousands of investors including hundreds in Saskatchewan through multiple proposed land development schemes. The hearing panel found that Aitkens took money and property from investors and used investors’ money for unauthorized purposes.
In its decision, the FCAA hearing panel considered the respondents’ breaches to be very serious, and their conduct, egregious. The panel pointed out that Aitkens acted with blatant disregard for the securities laws of Saskatchewan and that as a result, hundreds of Saskatchewan residents have lost their investments.
The panel has ordered that Aitkens and the four named companies, he owns and controls, must pay an administrative penalty of $100,000 each, and they must collectively pay hearing costs over $30,000. Aitkens and his companies are permanently banned from trading in securities or derivatives or using any exemptions in Saskatchewan securities laws. Aitkens is also subject to market-access bans in other jurisdictions.
To view the Panel’s decision visit https://fcaa.gov.sk.ca/regulated-businesses-persons/businesses/securities-industry-participants/enforcement-proceedings/a/aitkens-ronald-james.
For more information, contact:
Financial and Consumer Affairs Authority