March 23, 2021 – The Alberta Securities Commission (ASC) has issued a Notice of Hearing alleging that Tinashe (Nash) Sylvester Nyadongo and 10194131 Canada Ltd., doing business as Future Growth Investments, engaged in illegal distributions and perpetrated a fraud.
According to the Notice of Hearing, Nyadongo and Future Growth Investments raised $1.2 million from investors between November 2017 and March 2019. It is alleged that Nyadongo, while employed by Olympia Trust Company, sold shares in Future Growth Investments to investors who wanted to unlock their locked-in retirement accounts (commonly referred to as LIRAs) or invest in certain opportunities.
The Notice of Hearing alleges that these investments were distributions of securities and that Nyadongo and Future Growth Investments breached securities laws by selling these investments without a prospectus and without qualifying investors for any prospectus exemptions. It is further alleged that they misled investors about how their funds would be used and misappropriated funds for personal use and/or other unauthorized uses.
The allegations have not been proven. An appearance to set a date for a hearing will be held on April 29, 2021 at 9:00 a.m.