ASC alleges GIC Capital Corp., Maljaars Financial Inc., Jeff Barrie Wilkie and Robert Jacob Maljaars breached Alberta securities laws

CALGARY, AB, May 15, 2025 /CNW/ - The Alberta Securities Commission (ASC) has issued a Notice of Hearing against GIC Capital Corp. (GIC), Maljaars Financial Inc., Jeff Barrie Wilkie and Robert Jacob Maljaars (collectively, the Respondents). The Notice of Hearing alleges that the Respondents perpetrated a fraud on investors and failed to comply with a decision of the ASC.

According to the Notice of Hearing, between January 1, 2020, and August 31, 2024, GIC raised at least $2.7 million CAD and $1.9 million USD from investors in Canada and the United States. It is alleged that the Respondents misled investors by claiming that money invested with GIC would be held safely in a segregated trust account.

In reality, GIC did not hold investment capital in trust, and often used it to pay returns to other investors, to pay personal expenses, or for other unauthorized purposes. GIC's investors suffered substantial or total losses. It is further alleged that GIC and Wilkie continued to trade in GIC securities while subject to an Interim Cease Trade Order made by the ASC in June 2024.

These are allegations and have not been proven in a hearing.

An appearance to set a date for a hearing will be held on July 15, 2025, in the ASC Hearing Room, located on the 5th floor, 250 – 5 Street S.W., Calgary, Alberta.

A copy of the Notice of Hearing can be found at asc.ca.

The ASC gratefully acknowledges the assistance of the New Zealand Financial Markets Authority in this matter.

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.

SOURCE Alberta Securities Commission

For further information please contact: For Media Inquiries: Gabrielle Chamiço, Advisor, Communications, [email protected]; For Investor Inquiries: ASC Public Inquiries, Toll Free 1.877.355.4488