EDMONTON, AB (May 7, 2013): The PC government needs to step up enforcement against investment fraudsters and scam artists who are ripping off Alberta investors for billions of dollars, turning Alberta into a wild west for small investors, Wildrose Finance Critic Rob Anderson said today.
Anderson raised the issue with Finance Minister Doug Horner today in Question Period, saying more than 25,000 Alberta investors have been allegedly scammed out of $2.2 billion during the last few years. Anderson asked Horner to join him in requesting that the RCMP investigate the situation as soon as possible, in order to determine whether any funds fraudulently obtained can be recovered and returned to their rightful owners. Anderson also noted that many Albertans were vulnerable to these dozens of alleged scams and called on the government to strengthen measures to adequately protect Alberta investors in the future. He said stiffer fines and more severe penalties are needed to deter would-be fraudsters. “This government needs to immediately strengthen the Alberta Securities Commission and beef up enforcement measures so Albertans don’t fall victim to predatory fraudsters. The livelihoods of thousands of Albertans are at stake. It’s up to the government to do something to address this serious issue,” Anderson said.