Alberta Regulator Extends Order Against Firms Allegedly Behind $11M Investor Fraud

By Sharon Henderson

CALGARY, AB – November 14, 2025 – The Alberta Securities Commission (ASC) has extended and broadened an interim order against GIC Capital Corp., Maljaars Financial Inc., and individuals Jeff Barrie Wilkie and Robert Jacob Maljaar, alleging a sophisticated fraud impacting at least 43 investors and totaling over $11 million. The regulator alleges the firms and individuals misrepresented how investor funds would be held and used, and actively attempted to evade regulatory scrutiny.

The ASC issued a written decision this week detailing the reasons for extending the order, initially put in place in June 2024. The decision points to evidence suggesting investors were lured with promises of secure, trust-account-held funds, which were instead diverted for unauthorized purposes, including payments to earlier investors – a hallmark of Ponzi-like schemes – as well as personal expenses.

“The breadth of the alleged misconduct and the evidence of attempts to circumvent the initial order warranted this decisive action,” said a source close to the investigation. “The ASC is committed to protecting Alberta investors and will pursue these matters vigorously.”

A Pattern of Misrepresentation and Evasion

The investigation, which began earlier this year, uncovered a pattern of misrepresentation regarding the safeguarding of investor funds. According to the ASC, investors were told their capital would be held in segregated trust accounts in New Zealand, offering a perceived level of security. However, the regulator alleges that these funds were never actually placed in trust and were instead co-mingled and misused.

“It’s a classic bait-and-switch,” explained a financial crime analyst familiar with the case. “They promised one thing – a secure investment – and delivered something entirely different.”

The ASC’s findings also suggest a deliberate attempt to evade regulatory oversight. The regulator alleges that even after the initial interim order was issued in June, the respondents continued to engage in prohibited activities, prompting the broadening of the order to encompass all securities, not just those issued by GIC Capital and Maljaars Financial.

Corporate Structure and Key Players

GIC Capital Corp. and Maljaars Financial Inc. are privately held companies with registered offices in Alberta and British Columbia. Jeff Barrie Wilkie is the sole shareholder and director of GIC Capital Corp., while Robert Jacob Maljaar is the sole director and officer of Maljaars Financial Inc. According to the ASC, Wilkie was primarily responsible for attracting investors, while Maljaar managed the banking and financial transactions.

Corporate records show that GIC Capital Corp. was initially incorporated in 2006, and has had periods of inactivity, raising questions about its operational history. The company was struck off the corporate registry in 2017 but reactivated later.

“The corporate structure appears to have been deliberately complex, potentially to obscure the flow of funds and create a layer of separation between the individuals and the alleged fraud,” said a legal expert specializing in securities litigation.

Investor Impact and Warnings

The ASC estimates that the fraud impacted at least 43 investors, with total losses exceeding $11 million. The regulator has urged anyone who believes they may have been a victim of the fraud to come forward with information.

“Investors are often hesitant to report fraud, either out of embarrassment or fear of legal repercussions,” said an investigator with the Canadian Anti-Fraud Centre. “It’s crucial to remember that reporting fraud is the first step towards protecting yourself and preventing others from becoming victims.”

The ASC has also issued a warning to investors to exercise caution when considering investment opportunities that promise high returns with little risk. Investors are advised to thoroughly research any investment firm or individual before handing over their money, and to be wary of overly aggressive sales tactics or promises that seem too good to be true.

“If it sounds too good to be true, it probably is,” cautioned a seasoned investment advisor. “Always do your due diligence, and don’t be afraid to ask tough questions.”

Next Steps and Legal Proceedings
The ASC is continuing its investigation into the alleged fraud, and is preparing for a hearing in March 2026 to determine the merits of the allegations. At the hearing, the regulator will present evidence to support its claims, and the respondents will have an opportunity to defend themselves.

The ASC has the authority to impose a range of sanctions, including fines, trading bans, and criminal charges. The regulator is also working with law enforcement agencies to explore the possibility of criminal prosecution.

The case serves as a stark reminder of the risks associated with unregistered investments and the importance of vigilant oversight by regulatory bodies. The ASC’s actions demonstrate its commitment to protecting Alberta investors and upholding the integrity of the financial markets.

Resources for Investors:

• Alberta Securities Commission: https://www.asc.ca/
• Canadian Anti-Fraud Centre: https://www.antifraudcentre-centreantifraude.ca/
• Investment Industry Regulatory Organization of Canada (IIROC): https://www.iiroc.ca/