Four Real Estate Executives Are Fined $5.6 Million by Canadian Securities Regulator

VANCOUVER, British Columbia—Four executives of Calgary, Alberta-based Concrete Equities Inc., which raised tens of millions from investors in violation of securities laws have been given combined penalties of more than C$5.6 million ($5.5 million)—a total that includes the largest fine levied on an individual in Alberta.

The Alberta Securities Commission (ASC) levied penalties Jan. 9 against Varun Vinny Aurora, David Humeniuk, David Jones, and Vincenzo De Palma ranging from $500,000 to $3.3 million.

In its Jan. 9 ruling (Aurora, Re, 2012 ABASC 7), the ASC said real-estate-based investments sold by Concrete Equities were issued by a variety of entities created ...