Securities watchdog 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.


Securities watchdog levies $54 million in fines in ‘massive’ fraud

  1. White collar crime pays. Where’s the jail time? I rob a 7/11 and I’ll do time.

  2. Yeah. Worse, if you worked at 7/11, and robbed from the till $1000 over a few months, you’d likely end up in jail. $5000+, and for sure you’d be in jail. However, do a few million at a higher level, and that’s just a fine, likely a fine that doesn’t even cover how much you stole.

    Our system is beyond corrupt in favor of the super-rich.

  3. Now that the Securities Commission is finished with these guys, will the police and Crown start preparing a financial fraud case, with real jail time? If not, why not? People have gone to jail for stealing far less.

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