Learn more about what the ASC is doing to support market participants and investors.
Nov 19, 2020
CALGARY – The Alberta Securities Commission (ASC) issued an order permanently prohibiting Timothy Ray Carruthers from participating in Alberta's capital market after he was convicted on 22 counts of fraud over $5,000 contrary to section 380(1)(a) of the Criminal Code of Canada. Carruthers was sentenced on March 13, 2019 to six years’ imprisonment by the Court of Queen's Bench of Alberta after he pled guilty on all counts.
From January 23, 2009 to June 30, 2017, Carruthers induced 22 investors to participate in his fraudulent Ponzi scheme involving purported bridge financing for real estate transactions in Alberta. This week an ASC panel found that his convictions arose from a course of conduct related to securities and that it was in the public interest to issue orders against him under the Securities Act (Alberta). The panel observed that fraud involving a Ponzi scheme is especially serious and noted that the amount of Carruthers' fraud exceeded $5 million and most of the money raised was misappropriated for personal use.
The ASC panel ordered that Carruthers:
A copy of the decision is available on the ASC website at albertasecurities.com.
The ASC is the regulatory agency responsible for administering the province's securities laws. It is entrusted with fostering a fair and efficient capital market in Alberta and with protecting investors. As a member of the Canadian Securities Administrators, the ASC works to improve, coordinate and harmonize the regulation of Canada's capital markets.
For further information please contact:
For Media Inquiries:
For Investor Inquiries:
Theresa Schroder Senior Advisor, Communications 403.297.4231
ASC Public Inquiries Toll Free: 1-877-355-4488