Calgary man who defrauded investors of $12.5M might be at it again, securities commission warns

A Calgary man who served a three-year sentence for fraud is under investigation again, suspected of targeting seniors, according to the Alberta Securities Commission.

In 2017, Kenneth Charles Fowler, 71, pleaded guilty to three charges under the Securities Act, including fraud, after he admitted to defrauding dozens of investors out of $12.5 million. 

As part of his sentence, Fowler was banned from trading in Alberta or engaging in investor relations.

Investigators now believe Fowler solicited funds from investors over the past two years by telling people he is Ken Davidson, associated with Finkle Street Trading Company.

At least 1 victim identified

At least one victim has been identified, according to the ASC, which warns there may be other Calgary victims, including seniors.

The securities commission is interested in speaking to anyone who has been approached by Fowler/Davidson to invest with Finkle Street Trading.

• Kenneth Fowler sentenced to 3 years for $12.5M mortgage scheme

In 2017, the TIE Mortgage owner pleaded guilty to offences that related to illegal activity between 2008 and 2012.

Fowler fled to Mexico, where he hid for two years after the charges were laid. He was extradited back to Canada in 2016.

As part of the plea, Fowler admitted he had used more than $1 million for his own benefit.

According to one of his victims, Fowler bought his wife a diamond ring for $125,000, a Porsche and a house in Palm Springs.

The ASC is asking anyone with information on Fowler to contact the commission at 1-877-355-4488. 

The TIE Mortgage fraud was co-orchestrated with Douglas Schneider, who pleaded guilty to Securities Act charges in 2015 and was sentenced to a year in jail.