From @troy_james1 via Instagram
The Ontario Securities Commission (OSC) has officially wrapped up its proceedings against Troy Hogg, a former Grand Bend businessperson allegedly involved in a cryptocurrency scheme.
The case, which kicked off in November, saw Hogg absent from the hearings.
The OSC’s investigation centers on accusations of securities fraud related to a multimillion-dollar cryptocurrency venture. According to OSC counsel Alvin Qian (Chen), evidence suggests that Hogg knowingly misappropriated investor funds.
Key to the allegations is the involvement of Hogg and his companies in offering a cryptocurrency asset named Dignity, purportedly backed by gold. This venture reportedly garnered around US$51 million between May 2017 and June 2019.
The OSC contends that investor funds were unlawfully diverted to purchase properties in Grand Bend and transferred to Canadian bank accounts. Additionally, a portion of the funds is alleged to have been misappropriated for personal gain, including the purchase of luxury boats.
Penalties may include bans on selling securities, and financial penalties.
Hogg and his associated companies also face charges from the United States Securities and Exchange Commission (SEC).
Written by: B. Shakyaver