The Alberta Securities Com-mission says a Calgary-based insurance investment firm ran a huge Ponzi scheme that cost investors in western Canada millions.
The ASC says hundreds of investors lost $54 million in the scam.
The hearing on whether the company and its principals broke securities laws wrapped up on Thursday.
Jim Aitken invested $240,000 with the Focused Life Group of companies and testified for the commission.
Focused Life was supposed to use investor funds to buy life insurance policies at a discount from American policy holders who needed cash while they were still alive and once they died, Focused Life would get the full policy payout.
But the commission says Focused Life, run by Victor Delaet, never made any money from buying policies and collecting death benefits. The ASC says it ran a Ponzi scheme that collapsed, taking the investor's money with it.
"I went through all kinds of things, the anger, the denial, the frustration of I'm going to lose over $200,000, that's what we're going to lose and I want people to know this," said Aitken.
Delaet declined comment.
The commission's decision on whether the company and its principals broke securities laws will be issued at a later date.
