Craig Michael Thompson, Black Box Management Corp., and Invader Management Ltd. ordered to pay nearly $9M for running a Ponzi scheme

CALGARY, AB, Aug. 28, 2025 /CNW/ - The Alberta Securities Commission (ASC) has sanctioned Craig Michael Thompson, along with two companies he controlled, Black Box Management Corp. and Invader Management Ltd. (collectively, the Respondents), for securities misconduct, including fraud.  

In a Statement of Agreed Facts and Admissions, the Respondents admitted that, between 2020 and 2023, they raised $150 million CAD from more than 1,000 investors, located in the U.S. and Alberta. The scheme collapsed in the fall of 2023, and many investors suffered substantial losses.   

Most of the funds were raised from investors on the understanding that Thompson would use the money for day trading on the stock market. During introductory phone calls with potential investors, Thompson lied about being a successful day trader, saying that he consistently generated great returns. Once investors could see the success of their investment, they spread the word about the opportunity and Thompson quickly gained more clients.   

While Thompson used a relatively small portion of investor funds for day trading, he was unsuccessful and, over time, generated a cumulative net loss of nearly US$15 million. The vast majority of investor funds, however, were misappropriated and used to pay other investors their purported returns. Investors were shielded from knowing about the true use of their funds because Thompson emailed weekly statements to each investor that always showed positive performance and growing account balances. In reality, Thompson made the numbers up. Investors received statements showing significant returns, when, in fact, their balance was effectively zero. 

The panel has ordered the Respondents to pay approximately $8.1 million in disgorgement as a result of the non-compliance with Alberta securities laws, along with an administrative penalty of $750,000 and costs of $14,000. Thompson is permanently banned from trading in or purchasing any securities and is ordered to resign from all positions he may have as a director or officer of any issuer. All three Respondents are subject to an array of permanent market-access bans.  

"This case involved a classic Ponzi scheme, dressed up as a modern trading success story. This individual exploited investor trust by falsely portraying himself as a successful day trader—a tactic we're seeing more frequently, especially as AI tools make these fabrications appear more credible," said Cynthia Campbell, Director of Enforcement at the ASC. "Investors should be wary of anyone promising guaranteed returns from day trading, and we urge people to contact ASC inquiries if they're approached or involved with an investment opportunity that promises high returns with minimal risk."

A copy of the decision can be found at asc.ca.

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: Tanja McMorris, Senior Advisor, Communications, [email protected]; For Investor Inquiries: ASC Public Inquiries, [email protected], Toll Free 1.877.355.4488