Calgary resident Craig Michael Thompson and two of his companies, Black Box Management Corp. and Invader Management Ltd., face $9 million in penalties for securities misconduct including fraud, the Alberta Securities Commission announced on Thursday.

Between 2020 and 2023, the companies raised C$150 million from 1,000 investors in the U.S. and Canada, the ASC said in a news release.

Cynthia Campbell, director for the ASC, said this case was a classic Ponzi scheme, disguised as a modern trading success story.

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“This individual exploited investor trust by falsely portraying himself as a successful day trader — a tactic we’re seeing more frequently, especially as AI tools make these fabrications appear more credible,” Campbell said

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