Calgary Man Charged in Forex Fraud: ASC Tightens Scrutiny of Unregulated Trading

By Sharon Henderson, Capital Currents

CALGARY – A Calgary man, Alexander (Alex) Francis Ongoma, has been criminally charged with six offences, including fraud and uttering forged documents, following an investigation by the Alberta Securities Commission (ASC) and the RCMP. The charges stem from allegations that Ongoma misrepresented his financial position to investors, promising returns through foreign exchange (forex) trading and a property development venture, but failing to return their funds.

The charges, laid earlier this week, underscore a growing concern among regulators about the prevalence of fraudulent schemes in the largely unregulated forex trading space. While the full extent of the alleged fraud remains under investigation, the case serves as a stark reminder of the risks associated with unregulated investments and the importance of due diligence.

“This case demonstrates our commitment to protecting Alberta investors and holding those who engage in fraudulent activity accountable,” said a spokesperson for the ASC. “We are seeing an increase in schemes targeting vulnerable investors with promises of high returns in complex, often unregulated, markets.”

The Allegations

According to the ASC, Ongoma allegedly misrepresented his success as a forex trader to attract investors. He purportedly claimed to have a proven track record of profitable trading and offered to invest their funds on their behalf in both the forex market and a real estate project. However, investigators allege that the funds were never actually invested, and investors were not repaid.

The RCMP’s Integrated Market Enforcement Team (IMET), working in partnership with the ASC, conducted the investigation. The Joint Serious Offences Team (JSOT), a collaboration between the two agencies, is prosecuting the case. Ongoma has been released on conditions, prohibiting him from soliciting investments, acting as a director or officer of any company, or providing securities advice.

He is scheduled to appear in court on November 14th, 2025.

The Rise of Forex Fraud

Forex trading, the buying and selling of currencies, has become increasingly popular in recent years, fueled by online trading platforms and the promise of high returns. However, the industry is largely unregulated, making it a prime target for fraudsters.

“The lack of oversight in the forex market creates a fertile ground for scams,” explains a fraud expert, speaking on condition of anonymity. “Many platforms operate offshore, making it difficult for regulators to track down perpetrators and recover lost funds. We're seeing increasingly sophisticated schemes that prey on people's desire for quick profits.”

Experts point to several factors contributing to the rise of forex fraud. These include the accessibility of online trading platforms, the use of social media to promote investment schemes, and the targeting of vulnerable populations, such as seniors and those with limited financial literacy.

“Fraudsters often use high-pressure tactics and misleading advertising to lure in victims,” explains another source familiar with the investigation. “They may claim to have inside information or guarantee high returns, which are red flags.”

Calgary's Investment Landscape

While forex fraud is a national issue, some experts believe that Calgary’s economic climate may have contributed to the vulnerability of investors in this case. The city’s strong entrepreneurial spirit and growing wealth have created a potentially attractive environment for fraudsters.

“Calgary has a large number of self-directed investors who are comfortable taking risks,” says a local financial advisor, speaking anonymously. “This can make them more susceptible to scams that promise high returns.”

Furthermore, the city's relatively small financial advisor community may lack the resources to adequately monitor and investigate potential fraud schemes.

The ASC acknowledges the need to increase investor awareness and education in Calgary and across Alberta. The commission is actively working to provide resources and tools to help investors make informed decisions and avoid scams.

“We encourage investors to do their research, understand the risks involved, and be wary of anyone promising guaranteed returns,” says the ASC spokesperson. “If something sounds too good to be true, it probably is.”

What Investors Can Do

Several steps can be taken to mitigate the risk of forex fraud:

• Do Your Research: Before investing in any scheme, thoroughly research the company and the individuals involved.
• Verify Registration: Check if the company is registered with the appropriate regulatory authorities.
• Understand the Risks: Forex trading is inherently risky. Understand the potential for losses before investing.
• Be Wary of Guarantees: No investment can guarantee a return.
• Seek Independent Advice: Consult with a qualified financial advisor before making any investment decisions.
• Report Suspicious Activity: If you suspect you have been targeted by a fraud scheme, report it to the ASC or the RCMP.

Looking Ahead

The ASC is committed to cracking down on fraudulent activity and protecting Alberta investors. The commission is working with law enforcement agencies and other regulators to share information and coordinate investigations.

“This case sends a clear message that we will not tolerate fraudulent activity in our markets,” says the ASC spokesperson. “We will continue to pursue those who prey on investors and hold them accountable for their actions.”

The outcome of this case will likely have implications for the broader forex trading industry and may lead to increased regulatory scrutiny of this largely unregulated market. Investors, meanwhile, are urged to remain vigilant and exercise caution when considering any investment opportunity that promises high returns with little or no risk. The investigation is ongoing, and further details are expected to emerge in the coming weeks.