A Calgary man has been fined more than $3.2 million by the Alberta Securities Commission related to the sale of investments with Espoir Capital Corporation.

Vernon Ray Fauth has been ordered to pay an administrative penalty of $400,000, a disgorgement order of $2,585,414.87 and hearing costs of $250,000.

“An ASC panel previously determined that Fauth illegally dealt in securities of Espoir, made misrepresentations to Espoir investors and perpetrated a fraud on investors,” reads a release from the Alberta Securities Commission.

Fauth was also handed a number of permanent market access bans that prohibit him from: