Alberta Securities Commission levies $54 million in fines in ‘massive’ fraud
CALGARY – The Alberta Securities Commission has slapped fines totalling nearly $54 million on two companies and three men.
The watchdog says Dennis Morice, Milowe Brost, Gary Sorenson, The Institute for Higher Learning and Merendon Mining perpetrated a systemic massive fraud.
Merendon Mining must pay $38.6 million to the ASC and pay $70,000 in costs, while IFFL faces $10 million in penalties and must pay $85,000 in costs.
Morice has been ordered to pay a total of $200,000, Bross nearly $3.09 million and Sorenson $2.07 million.
In addition to the financial penalties, all involved also face a variety of bans.
The ASC says investment fraud is reprehensible and completely unacceptable and undermines public confidence in the whole capital market.
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