Tag: Mika

Alberta Securities Commission levies 54million 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.