Edmonton Biofuel Businessman Fined for Breaching Securities Laws
by Jonny Wakefield (Edmonton Journal) An Edmonton businessman has settled with the province’s securities regulator after admitting to misleading investors. On Thursday, the Alberta Securities Commission announced it concluded a settlement agreement with David Gregor McClure after he admitted to breaching provincial securities laws. He is to pay the commission a penalty of $80,000.
The Edmonton resident was involved in the biofuels industry and was in charge of multiple incorporated companies and investment corporations.
Bedford Biofuels planned to plant jatropha in Africa, an oilseed once touted as one of the most promising biofuels in the world. From roughly 2009 to 2012, Bedford and Tana Delta, a company owned by Bedford, brought in more than $16 million from investors.
McClure also admitted to telling three investors of the “imminent sale” of Bedford to Asian buyers. He collected $450,000 from the investors, but when he made the statements, no actual buyers existed. READ MORE