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by Mike Caswell

Calgary's Colin Wagner has accepted a 15-year ban and has agreed to pay $100,000 for his part in a scheme to divert $2.2-million from TSX Venture Exchange listing Target Capital Inc. in 2020. The ASC said that Mr. Wagner, who was the company's chief financial officer, helped conceal transfers and payments over a period of several months. The scheme drained Target of nearly all its cash, leaving it with $3,283, according to the ASC.

The penalties for Mr. Wagner are contained in a settlement agreement that the ASC released on Tuesday, Sept. 23. The 15-year ban applies to any role as an officer or director. Mr. Wagner is also barred from investor relations, advising in securities or "acting in a management or consultative capacity in connection with activities in the securities market."

Tuesday's settlement comes with the ASC still pursuing Calgary's Shahin (Sonny) Mottahed, who was the president of Target Capital. The case against the men, as set out in a notice of hearing released on Jan. 28, 2025, goes back to late 2019, when Target Capital had $3.2-million in assets, most of which was cash from a financing. According to the ASC, Mr. Mottahed and Mr. Wagner made several transfers of the company's money to an entity called Performance CBD Brands Corp., which had Mr. Mottahed as its majority shareholder and sole director. The men also used Target Capital's money to pay invoices on behalf of Performance CBD, the ASC claimed.

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