Concrete investors seek answers
Hearings set to start Feb. 14
Investors who lost millions of dollars in several Calgary companies are hoping to get some answers when hearings start early next year.
Four Calgary residents — Vincenzo De Palma, Varun Vinny Aurora, David Jones and David Humeniuk — have been told to appear in front of an Alberta Securities Commission hearing in February.
The four are accused of breaking Alberta securities laws and misleading investors in connection to Concrete Equities and other companies.
The charges relate to securities involving office buildings in Calgary and land deals in Mexico.
One investor, Barry Mills, says he lost his life savings of $100,000 through Concrete Equities and one other company.
"Well, we were looking at retiring when we were 65 and now I'm 67," he said. "I'm the lead contact for 1,300 people that are in the Mexico investment — [a] total of $34 million dollars, all gone."
Mills said the loss has been devastating.
"Now we've got nothing … now I'm 67 and I don't know what I'm going to do."
An estimated 3,800 investors lost millions of dollars in the real estate ventures.
Last year, a receiver was appointed to wind down Concrete's business.
On Wednesday, the Alberta Securities Commission was told two of the men charged don't have lawyers and a third, whose last known address is in Mexico, has not been located.
"We give them a chance to … attend themselves and legal counsel, or to make sure they have a chance to give their side of the story. They could phone in during the hearing itself [and] listen in," said Mark Dickey, spokesperson for the Alberta Securities Commission.
The hearing is scheduled to start Feb. 14 and is expected to last one month.