The Alberta Securities Commission has charged the owner of Calgary investment firm Wealthstreet with breaking securities laws and misleading investors.
The owner of Wealthstreet, David Jones was also a director at Concrete Equities.
Concrete Equities investors picketed company headquarters in 2009 when management, including Jones, refused to step down after investors voted them out for mismanaging their money.
Management put Concrete Equities into receivership, but a bankruptcy court ended up returning most company assets to the investors.
Jones and other Concrete Equities management are currently facing ASC charges for breaking securities laws.
Wealthstreet's Macleod Trail office closed down this summer.
The ASC says Jones and Wealthstreet President Rachael Poffenroth broke securities laws when the company sold promissory notes to at least 94 Alberta investors for $3.3-million.
"They allege that he also made misleading or untrue statements to Alberta investors with respect to the Wealthstreet investments and regarding the potential returns for Wealthstreet investments, and that he engaged in unfair practices when he pressured them to buy Wealthstreet investments, in particular that he pressured them to borrow money from their home equity to do so," says Tamera Van Brunt with the ASC.
Jones is denying the commission's allegations, stating that he believed his actions and investment documents were in compliance with the law, and he looks forward to the truth coming out at the hearing.
This is the same David Jones that was regularly on QR77's "Talk to the Experts" segment.
QR's programming director says Jones hasn't been on air since January 2009, and pointed out that those were paid programming spots that Jones bought.
