ASC orders St. Albert man to pay $1 million for breaching Alberta securities laws

CALGARY, Dec. 30, 2015 /CNW/ - The Alberta Securities Commission (ASC) has sanctioned Optam Holdings Inc., Infinivest Mortgage Investment Corporation and their principal, Wade Robert Closson, in connection with a supposed mortgage investment operation.

Closson admitted that between January 2009 and April 2013 approximately $10.8 million was raised for Optam and Infinivest from as many as 125 investors. Based on admissions, an ASC panel found that Closson engaged in fraudulent conduct by misrepresenting to investors how their money would be used and secured against loss.  Closson, Optam and Infinivest were also found to have illegally traded and distributed securities without registration.

In handing down its decision, the ASC panel noted that "Closson's false representations to the investors as money was being raised, and his undisclosed diversion of their money to unauthorized purposes, were both acts of deceit. These acts put investors' pecuniary interests at risk; indeed, it appears that most of the money they invested has been lost."

In its decision, the ASC panel ordered that:

  • Closson pay an administrative penalty of $1 million and investigation costs of $30,000;
  • Closson be permanently banned from acting as an officer or director of any issuer, registrant, investment fund manager, recognized exchange, recognized self-regulatory organization, recognized clearing agency, recognized trade repository or recognized quotation and trade reporting system;
  • the named parties be permanently prohibited from trading in and purchasing all securities or derivatives, and all exemptions contained in Alberta securities laws do not apply to them;
  • the named parties be permanently prohibited from advising in securities or derivatives, becoming or acting as a registrant, investment fund manager or promoter, or acting in a management or consultative capacity in connection with activities in the securities market; and
  • all trading in or purchasing in any Optam or Infinivest securities or derivatives must cease, permanently.

A copy of the sanction decision can be found on the ASC website at

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: For Media Inquiries: Mark Dickey, Senior Communications Advisor, 403.297.4481; For Investor Inquiries: ASC Public Inquiries, Toll Free 1.877.355.4488


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