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by Mike Caswell

The Alberta Securities Commission has imposed bans and $1.9-million in sanctions on a Grande Prairie car dealership employee and a Kelowna painter for a foreign exchange scheme that inflicted nearly $20-million in losses on investors. The ASC said that Alberta resident Glenn Hunter and B.C. resident Kyle Watters ran an operation in which they pitched foreign exchange products to investors in three provinces. The men did not have the proper registration and they lost nearly all of the money that they raised, according to the ASC.

The penalties for the men are contained in a decision that the ASC released on Thursday, July 9. The regulator has banned Mr. Hunter from the markets for 16 years and Mr. Watters for 20 years. The $1.9-million that the men must pay includes fines of $125,000 and $150,000 plus disgorgement of $600,000 and $1.01-million, with the greater amounts being levied on Mr. Watters.

The sanctions arise from a scheme that began in late 2021 and early 2022, when Mr. Hunter and Mr. Watters incorporated entities in B.C. and in the Caribbean country of St. Vincent and the Grenadines. They advertised themselves as a foreign exchange business, using the slogan "We work so you don't have to." According to the ASC, the men solicited investors in B.C., Alberta and Saskatchewan and offered to pay a fee of $500 for each new client referred to them.

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