The Alberta Securities Commission case arose from sale of securities of the Focused Life Group of Companies.
The ASC panel found that of the $47 million raised by the Focused Life Group, $35 million was raised via four documents that contained misleading or untrue statements.Story continues below the slideshow
He has also been permanently banned from trading in or purchasing any securities or exchange contracts, the use of all Alberta securities laws exemptions and acting as a director or officer of any issuer.
"For his key role in the misconduct and his failure to acknowledge the seriousness of his actions, DeLaet presents a clear, current and continuing threat to investors and the capital market and ... unless tightly and permanently constrained, he would remain a danger."
Meanwhile, the ASC panel also sanctioned another man in the case, Stanley Gitzel, who was ordered to pay an administrative penalty of $75,000 and investigation and hearing costs of $5,000.
The panel also said Gitzel is to be banned from trading in or purchasing any securities or exchange contracts for five years, and the use of all Alberta securities laws exemptions and acting as a director or officer of any issuer for 10 years, with limited exceptions.