News Release
ASC alleges Calgary resident Tinashe Nyadongo and Future Growth Investments breached Alberta securities laws
Mar 18, 2021
CALGARY – March 18, 2021 - The Alberta Securities Commission (ASC) has issued a Notice of Hearing alleging that Tinashe (Nash) Sylvester Nyadongo and 10194131 Canada Ltd., doing business as Future Growth Investments, engaged in illegal distributions and perpetrated a fraud.
According to the Notice of Hearing, Nyadongo and Future Growth Investments raised $1.2 million from investors between November 2017 and March 2019. It is alleged that Nyadongo, while employed by Olympia Trust Company, sold shares in Future Growth Investments to investors who wanted to unlock their locked-in retirement accounts (commonly referred to as LIRAs) or invest in certain opportunities. The Notice of Hearing alleges that these investments were distributions of securities and that Nyadongo and Future Growth Investments breached securities laws by selling these investments without a prospectus and without qualifying investors for any prospectus exemptions. It is further alleged that they misled investors about how their funds would be used and misappropriated funds for personal use and/or other unauthorized uses.
The allegations have not been proven.
An appearance to set a date for a hearing will be held on April 29, 2021 at 9:00 a.m.
A copy of the Notice of Hearing can be found 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.
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For further information please contact:
For Media Inquiries:
Theresa Schroder
Senior Advisor, Communications
media@asc.ca
For Investor Inquiries:
ASC Public Inquiries
Toll Free: 1-877-355-4488
inquiries@asc.ca