The ICTO, issued March 2, 2018, prohibits Felgate from trading in all securities. The Notice of Hearing states Felgate traded securities described as “lender/loan personal non-related agreement promissory notes” to two investors in late May.
“The term ‘securities’ is broadly defined and includes a wide range of investments, loans, fees, guaranteed fees or returns, etc., and designed to cover virtually every method by which money could be raised from the public,” read a news release about Felgate’s Notice of Hearing.
According to the release, potential investors should be cautious of terminology like “high interest returns,” “guaranteed returns” and “limited-time offer” when making investment decisions.
“The ASC reminds anyone approached about an investment opportunity to visit checkfirst.ca and see if their investment professional is registered or has been named in any proceedings,” the release read.
The allegations against Felgate have not been proven. He will appear before an ASC panel Aug. 29 at 2 p.m. in the ASC Hearing Room in downtown Calgary.
