CALGARY, AB, Oct. 2, 2025 (CNW Group via COMTEX) --
The Alberta Securities Commission (ASC) has permanently banned Dane Michael Skinner from participating in Alberta's capital market after a criminal court found that he committed fraud and money laundering.
In May 2024, Skinner was found guilty on one count of fraud over $5,000 and one count of laundering the proceeds of crime under the Criminal Code. In December 2024, he was sentenced to eight years' imprisonment and ordered to pay $2.37 million in restitution by Alberta Court of King's Bench Justice G.D. Marriott.
According to the sentencing decision, Skinner claimed to have developed a product that would "revolutionize" fracking in the oil and gas industry and encouraged people to invest in two companies to test and develop that product: 1366983 Alberta Ltd. and 1367158 Alberta Ltd. Both companies became subject to an ASC investigation and a shareholder had both companies placed into receivership. Skinner then created another two companies, 1518869 Alberta Ltd. and N.E.X.T./NEXT Legacy Technologies Ltd., to continue the purported development of the product.
Skinner misled investors by saying that the product had been successfully tested, and that there were contracts for royalties and various multi-million dollar offers to purchase the companies, the product, or its associated intellectual property. There was no evidence of tests or contracts. At least 70 investors, many of whom were friends and neighbours, were defrauded of no less than $2.97 million. Skinner was not registered with the ASC in any capacity between March 1, 2003 and April 7, 2025.
When considering the matter under the Securities Act (Alberta), an ASC panel noted that Skinner's misconduct was "a complex and deliberately orchestrated scheme that was based from the outset on falsehoods and continued for over five years." The panel went on to say that "fraud undermines public confidence in the fairness and integrity of our capital market, which is predicated on truthful disclosure so that participants can make informed investment decisions."Â
On September 30, 2025, the panel ordered that Skinner:
A copy of the decision is available on the ASC website at asc.ca.
The ASC is the regulatory agency responsible for administering the province's securities laws. It is entrusted with fostering a fair and efficient capital market in Alberta and with protecting investors. As a member of the Canadian Securities Administrators, the ASC works to improve, coordinate and harmonize the regulation of Canada's capital markets.
SOURCE Alberta Securities Commission
SOURCE: Alberta Securities Commission
For further information please contact: For media inquiries: Gabrielle Chamico,
Advisor, Communications, media@asc.ca; For investor inquiries: ASC Public Inquiries,
Toll Free 1.877.355.4488, inquiries@asc.ca
COMTEX_469223742/2197/2025-10-02T13:00:00
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