By Lethbridge News Now

FRAUD SENTENCE

Lethbridge man fined $500,000 on fraud convictions

Aug 1, 2019 | 7:22 AM

LETHBRIDGE- A former Alberta pastor and his associated firms have been fined $500,000 for bilking Saskatchewan investors.

According to the Financial and Consumer Affairs Authority of Saskatchewan, Ronald Aitkens raised over $84-million from thousands of investors through a series of proposed land development schemes.

A hearing panel found the Lethbridge man took money and property from investors and distributed it illegally to his firms, including numbered companies in Alberta.

The authority says Aitkens acted with blatant disregard for the securities laws of Saskatchewan and as a result, hundreds of people lost their money.

He has been permanently banned from trading in securities in Saskatchewan and some other jurisdictions.

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(Lethbridge News Now)