Charles and Peter Iggulden face securities fraud charges after allegedly collecting investor funds for biofuel projects in Alberta and Africa without delivering promised shares or refunds.

Two Fort Saskatchewan men have been charged following an investigation into an alleged investment fraud involving a biofuel development company. Charles Iggulden and Peter Iggulden face charges under Alberta’s Securities Act. The charges follow an investigation by the Joint Serious Offences Team (JSOT), a partnership between the Alberta Securities Commission (ASC) and RCMP Integrated Market Enforcement Team.

Investigators allege the two men solicited investments in Infinity Petroleum Energy Resources Inc. between 2020 and 2023. Investors were promised voting shares in exchange for financing proposed biofuel facilities in Alberta and Africa. Instead, authorities allege the money was diverted to other purposes, including personal expenses. Investors reportedly received neither the promised shares nor refunds after requesting their money back.

The investigation also uncovered allegations that both men made misleading statements to attract investors. Authorities claim they continued soliciting funds even after Infinity was removed from the corporate registry in 2022. Investigators further allege the pair distributed securities without filing the required prospectus documents or qualifying for an exemption.

Charles Iggulden faces two counts of securities fraud, while Peter Iggulden faces one count. Both have also been charged with one count of illegal distribution of securities. The charges relate to alleged violations of sections 93 and 110 of Alberta’s Securities Act. Their first court appearance is scheduled for December 3rd at the Alberta Court of Justice in Fort Saskatchewan.

The investigation involved assistance from FINTRAC and several police agencies across Canada. JSOT investigates serious securities violations, including investment fraud and breaches of regulatory orders. Its enforcement work aims to protect investors and maintain confidence in Alberta’s capital markets. The allegations against Charles and Peter Iggulden have not been proven in court.

The post Two Charged in Alleged Biofuel Investment Fraud Scheme appeared first on Canadian Fraud News Inc. | Fraud related news | Fraud in Canada.

Originally published on Canadian Fraud News.