REGINA — Investors taken in by a woman and her various companies will be able to get at least some of their money back after a decision from the Financial and Consumer Affairs Authority in Saskatchewan.
Alena Pastuch, 48, and her companies will have to pay a $100,000 penalty, $46,638 in hearing costs, and up to $100,000 to each person or company which lost money.
Pastuch and her companies took in millions from investors starting in 2007.
In hearings earlier this year, Pastuch was found to have disobeyed The Securities Act by trading while not registered to do so and engaging in unfair practices by using aggressive threats and misinformation.
She was also found to have hidden documents from investigators and hindered the investigation.
Examples of that include having her investors sign a document refusing to cooperate with investigators.
A cease-trade order was first issued against Pastuch and her companies in 2009. Hearings commenced in 2010 and were delayed by numerous reschedulings, requests, and challenges, which managed to stretch the hearings into 2014.
During the hearings, Pastuch walked out and refused to cross-examine witnesses.
According to the decision released by the hearing panel, Pastuch didn’t ever express remorse over her actions or the effects they had on others.