Pine Lake RV park at centre of fraud allegations

An Edmonton man is facing fraud allegations for collecting more than $2.5 million in investment money for a Pine Lake RV park that was never developed.

An Edmonton man is facing fraud allegations for collecting more than $2.5 million in investment money for a Pine Lake RV park that was never developed.

In an Alberta Securities Commission notice of hearing, the allegations laid out against Saileshwar Rao Narayan, known as Sal Naryan, include breach of undertaking and illegal distribution, dealing without representation, prohibited presentations and fraud.

According to the notice, between April 12, 2012, and May 23, 2012, the Prosperity Development Group raised more than $2.5 million from Alberta investors.

An offering memorandum dated March 26, 2012, stated that the group was a development startup raising funds to purchase property overlooking Pine Lake. That property was to be converted into an RV park.

In total, the Alberta Securities Commission said Narayan raised $3.4 million under the auspices of developing an RV park.

It is alleged the development company used investors’ money to purchase a 28.64-acre (11.59-hectare) piece of land on the southern shore of Pine Lake.

However, no application for development or rezoning of the property was ever made.

None of these allegations have been proven in court.

A hearing is scheduled for July 8 in Calgary.

Just Posted

Alberta hiring more paramedics and buying new ambulances, none for Red Deer

Red Deer Mayor Tara Veer is not concerned the provincial government didn’t… Continue reading

‘My nightmare began again’: Close call as bus carrying Humboldt crash survivor rear-ended

CALGARY — A terrifying ordeal for Humboldt Broncos survivor Ryan Straschnitzki this… Continue reading

Halifax airport operations normalize after Boeing 747 runway overshoot

HALIFAX — The Halifax Stanfield International Airport has resumed normal operations a… Continue reading

Bentley family left without a home grateful for community support

Central Albertans are coming together to support a Bentley family left homeless… Continue reading

Red Deer RCMP ready for new mandatory alcohol screening law

Red Deer RCMP are ready to enforce a new law intended to… Continue reading

WATCH: Red Deer and District Kennel Club Dog Show at Westerner Park

The Red Deer and District Kennel Club is holding a dog show… Continue reading

Brothers, 20, face second-degree murder charge in death of teen: police

MISSISSAUGA, Ont. — Police west of Toronto say two brothers have been… Continue reading

A young mayor, his friend, and a fatal attraction to opioids

MOUNT CARBON, Pa. — Janel Firestone found her son — the 24-year-old,… Continue reading

GM fights to retain key tax credit amid plant closing plans

WASHINGTON — General Motors is fighting to retain a valuable tax credit… Continue reading

TTC union asks provincial government to step in on transition to Presto

TORONTO — The union representing transit workers in Canada’s most populous city… Continue reading

Small pot growers find roadblocks on path to microcultivation licences

Yan Boissonneault’s daughter was turning blue. Without warning, his baby had stopped… Continue reading

No winning ticket for Friday night’s $60 million Lotto Max jackpot

TORONTO — There was no winning ticket for the $60 million jackpot… Continue reading

In Hollywood of Mississippi, voter fraud like a movie script

CANTON, Miss. — In a town that calls itself the Hollywood of… Continue reading

Trump picks Army chief of staff as next top military adviser

WASHINGTON — President Donald Trump announced Saturday that he’s picked a battle-hardened… Continue reading

Most Read