Investors were duped out of roughly $6.8 million for a would-be Edmonton real estate project used to divert their money elsewhere, the Alberta Securities Commission (ASC) said Friday, announcing two men have been charged in the scheme.

ASC and the RCMP Federal Policing Northwest Region’s integrated market enforcement team (IMET) said the two Edmonton men are each charged with seven offences under the Criminal Code following an investigation by the joint serious offences team (JSOT).

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It is alleged that between 2018 and 2020, the men used several corporations, including Cancom Development Ltd. and Roxdale Gardens Ltd., to raise the estimated $6.8 million from investors for the Edmonton-based real estate project, ASC said in a Friday news release.

“They told investors t

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