Lethbridge man found guilty of defrauding real estate investors

In 2014, Legacy Communities Inc., which owns 40 hectares of land in the Elbow Valley outside Calgary, filed a statement of claim allegingAitkens took about $10 million left over from that purchase in 2007 and improperly transferred the funds to other companies he controlled.

In 2009, the ASC settled allegations of making misleading or untrue statements about a real estate project against Aitkens, Beyer and companies including Foundation Capital Corp., Spruce Ridge Capital Inc., Spruce Ridge Estates Inc. and Beyer Consulting Ltd. In return, the accused parties agreed to pay a total of $190,000 to the ASC and Foundation Capital agreed to provide an additional $350,000 to create and deliver a securities training course and provide internal sales agent training.

Sentencing for Aitkens is scheduled for Sept. 4 in Calgary Provincial Court.

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