Edmonton man charged with swindling Saskatchewan investors

An Edmonton man is charged with bilking three Saskatchewan investors of more than one million dollars.

Moen walks after posting $20k bail

Allan Peter Moen is due back at court on June 6. ((CBC))

An Edmonton man charged with fraud in Saskatoon walked out of jail yesterday after posting $20,000 to make bail.

Allan Peter Moen also surrendered his passport and agreed not to leave Canada.

RCMP arrested Moen on May 6 and charged him with four counts of fraud and money laundering. They moved him from Edmonton to Saskatoon, where he's been on remand at the jail. Investigators say he bilked three investors of more than $1 million through four companies.

They are two numbered Saskatchewan firms, plus Life Systems Corporation and West African Industries Inc.

Life Systems Corporation decribes itself as a biomedical company focussing on organ treatment and preservation. The website lists Moen as chair of the board.

West African Industries is a mining, timber and farming company that operates in Sierra Leone and Angola. Moen is the chief financial officer.

In 2009, the Financial and Consumer Affairs Authority of Saskatchewan (FCAA) ordered Moen to stop selling shares in West African Industries.

Last June, a hearing panel of the commission ordered Moen and Louis Supera, the CEO of West African, to pay $226,000 to three unnamed investors in compensation. The panel ruled that the men were selling securities without registration.

Neither man showed for the hearing.

Moen is to return to court on June 6.