EDMONTON -- The Alberta Securities Commission has slapped a convicted fraudster with additional restrictions to “protect investors and … Alberta capital markets.”
The orders were announced Thursday against Marie Louise LaFramboise, who scammed financiers out of deposits for an Alberta mountainside retirement resort that included a condo, hotel, spa and golf course that were never built.
LaFramboise, 62, was sentenced to four years in prison last year for the scam and ordered to pay nearly $1.3 million to at least two dozen victims.
The ASC issued permanent orders that LaFramboise cease trading, resign from all director positions and be banned from engaging in investor activities.
“We are persuaded that the orders sought by Staff are reasonable and proportionate to the seriousness of LaFramboise's misconduct and the degree of harm suffered by investors, and are thus necessary to protect the public interest,” reads the ASC ruling.
LaFramboise was sentenced in January of last year.
Court of Queen's Bench Justice Adam Germain said that even with an imposed restitution order, it's unlikely any of those scammed will get their money back.
In one victim impact statement, a woman said LaFramboise preyed on her terminally ill husband who was just trying to leave a legacy for their children.
Another victim said he lost so much money that he was forced to withdraw funds from his child's bank account to pay for groceries and gas.
Some 24 people bought into the scam between 2006 and 2010, with a glossy brochure created for Eagle Ridge resort.
After years of waiting some of the two dozen victims came to the courthouse to watch as LaFramboise was jailed.
“She didn’t show any emotion at all,” Peter Schubert told CTV.
“If she could give the money back she wouldn’t, I don’t believe that there is any remorse,” Sue Schubert added.
With files from Diego Romero
