The Alberta Securities Commission is alleging that Energy TV and its founder perpetrated a fraud worth $56 million.
The commission issued a press release Monday saying founder Neil Chandran and Energy TV told investors they were going to promote and stage a boxing match in Las Vegas that never took places.
"Instead, ASC staff allege that Chandran and Energy TV used investor’s funds to pay the company’s operating expenses. ASC staff also allege that Chandran and his companies raised more than $56 million by engaging in illegal trades and distributions, and made prohibited representations when they told investors they would receive a refund," according to a press release.
None of the allegations has been proven in court. The first court date is next month.