Grande Prairie man to answer ASC allegations: investors lose $20 million in forex trades
Glenn Donald Hunter, of Grande Prairie, and Kyle William Watters, of Kelowna, British Columbia are scheduled to appear at an Alberta Securities Commission hearing on June 28 in Calgary. The pair are accused of being unregistered dealers in forex trading.
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A Grande Prairie man will answer to the Alberta Securities Commission (ASC) about his alleged acting as an unregistered dealer in forex trading, during a June 28 hearing in Calgary.
“ASC has issued a Notice of Hearing against Glenn Donald Hunter, of Grande Prairie, Alberta, and Kyle William Watters, of Kelowna, British Columbia, along with companies they controlled, HW & Associates Inc. and HW TradeFX LLC, for purportedly acting as unregistered dealers.”
Hunter is the only shareholder of HW TradeFX LLC which was incorporated under the laws of Saint Vincent and
the Grenadines on April 29, 2022 and Watters is known to be its president. HW & Associates is a B.C.-incorporated company as of October 19, 2021 and both Hunter and Watters are directors.
The duo allegedly operated a foreign exchange trading business using investor funds. They raised about $20 million from 200 investors located in Alberta, British Columbia and Saskatchewan. ASC says they used a Cayman Islands-based platform called Tradeview Ltd.
Forex trading is the act of buying and selling currencies on the foreign exchange market with the specific purpose of making a profit. The ASC says the men were in control of the companies and their activities during the time period in question.
The Notice of Hearing specifies the period between February 2021 and February 2023. It was in then that the duo raised $20 million and then lost almost all of the money.
The ASC is a regulatory agency and responsible for administering and enforcing the province’s securities legislation. The hearing is scheduled to review the incidents and determine an outcome.
In their press release they thanked several agencies for their assistance in the investigation.
“The ASC gratefully acknowledges the assistance of Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), Financial and Consumer Affairs Authority (FCAA), British Columbia Securities Commission (BCSC) and the Cayman Islands Monetary Authority (CIMA).”
The ASC website offers lists of registered Alberta based firms as well as caution lists. The site houses links and references to information investors should review.
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