CALGARY — A Calgary developer and financial mentor faces fines and costs of more than $300,000 for breaching Alberta securities laws in a number of real estate ventures.
Candice Anne Graf also faces an array of bans from the financial markets for at least 10 years under a ruling issued Tuesday by the Alberta Securities Commission.
Graf and her companies were found to have illegally distributed securities from 2002 to 2012 while raising funds for several residential developments in the Calgary area, some of which failed.
A commission panel also ruled they also made prohibited representations to investors.
The commission ordered Graf to pay of fine of $250,000 plus hearing costs of $63,750 and said orders banning her from financial markets would be extended until the fine was paid.
Meanwhile, her brother, Christopher Robert Hayward, was fined $75,000, ordered to pay hearing costs of $21,250 and given a similar market ban for authorizing, permitting or acquiescing in the majority of the corporations' breaches.
In its written decision, the ASC panel noted that Graf had told a hearing she could not afford to pay a fine of more than $20,000.
In a court affidavit filed in 2012, Graf said she had been investing in real estate since 2000 and had been involved in more than 200 real estate ventures raising some $26 million. She said she had used her mentoring program to help 750 people get involved in real estate investing.