The Saskatchewan Financial Services Commission has penalized two men and their companies for improperly depriving Saskatchewan residents of more than $767,000 — and says it wants them to compensate the victims.
The Commission says starting in 2005, Allan Peter Moen of Edmonton and Louis Supera of Las Vegas engaged in "fraudulent activities" and violated the rules selling securities to investors in Saskatoon, Turtleford, Melfort and Tisdale.
The companies involved include West African Industries Inc., Life Systems Corporation, 101065273 Saskatchewan Ltd. and 101076568 Saskatchewan Ltd.
Moen and Supera have been ordered to pay $35,000 in penalties and costs. They're also ordered to cease trading in all securities and exchange contracts.
The decision came following a hearing in October and was rendered on Dec. 8. The investigation and interviews with investors that was the basis of the case took two years, the Commission said.
Officials with the Commission said they will seek an order to make Moen, Supera and the related companies pay back money to investors.
They're asking investors to contact the Commission's securities division at 306-787-5645 for information about seeking a financial compensation order.