The Alberta Securities Commission is investigating allegations of fraud against a Calgary real estate firm.
Shire International Real Estate Investments' principal Jeanette Cleone Couch and several related companies are being investigated for fraud and misuse of investor funds.
The commission has ordered the company to stop marketing some of its investments pending a full hearing on the matter.
The news is not sitting well with investors.
Jennifer Lofgren and her husband invested $75,000 in two Shire development projects - one in Fort McMurray and one in Maui.
Lofgren says, in the three years since they invested, the company has done little on either project.
Lofgren says when her bonds matured on one of the projects she tried to pull her money out. She had a contractual right to do that but she says Shire never gave the money back to her.
A spokesperson for Shire International Real Estate Investments, in a written statement, says the company is "deeply concerned about the ASC's actions and allegations and the impact on our company, staff, investors and business partners. Because the matter is before a hearing it would be inappropriate to respond to any specific allegations until then."
To access the documents related to this case, click on the Alberta Securities Commission link to the right.
If you want to get in touch with other investors, you can email: investors@telus.net
