Ontario’s attorney general is looking to return almost $200,000 to
victims of a fraudulent investment scheme that was disrupted by the
Ontario Securities Commission (OSC) involving Al-Tar Energy Corp.

A notice published Wednesday indicates that, under to a civil forfeiture
proceeding, $199,073 that was frozen by the OSC in this case has been deposited into a special purpose account, and that people who suffered losses as a result of the unlawful activity can now make a claim for compensation.

Back in 2011, the OSC found that Al-Tar, among various other companies and individuals, carried out a fraudulent investment scheme. Among a slew of other sanctions against those involved, the OSC ordered that Al-Tar disgorge the $615,000 that it raised from investors, along with $133,000 in costs. (See Investment Executive, OSC orders $2.1 million in fines for oil & gas scheme, Jan. 9, 2011.)

Those sanctions, totaling almost $750,000, have not been paid, however the commission managed to freeze four bank accounts at the start of its proceedings in the case in 2007, and those funds are now available to be returned to victims.

Claims must be submitted to the Civil Remedies for Illicit Activities
Office (CRIA) of the Ministry of the Attorney General by October 28.