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The Canadian Press - ONLINE EDITION

Alberta man, related companies accused of defrauding investors of $56.7M

CALGARY - The Alberta Securities Commission has accused an independent TV producer of having "perpetrated a fraud" in raising more than $56 million from investors.

ASC staff allege that between March 2007 and the end of June 2009 that Neil Chandran, Energy TV and Chandran Holding Media Inc. raised some $56,730 from at least 210 investors, most of whom were Alberta residents, for various television, video and web-based products.

Investors were told Energy TV would, among other things, promote and stage a World Boxing Federation match in Las Vegas that would see them earn profits of between 50 and 75 per cent within five days of the event, which was to occur about 30 days from the investment date.

"The event never took place," the commission said in a statement issued Monday.

"Instead, ASC staff allege that Chandran and Energy TV used investor's funds to pay the company's operating expenses," the ASC statement said.

ASC staff also allege that Chandran and his companies engaged in illegal trades and distributions and made prohibited representations in raising the money.

The allegations have not been proven.

An appearance to set a date for a hearing will be held July 17.

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