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The trial of Dane Michael Skinner, a 59-year-old Sylvan Lake man accused of defrauding investors using supposedly revolutionary hydraulic fracturing technology, is currently underway in Red Deer. Skinner is charged with fraud of more than $5,000 and laundering proceeds of crime, and is suspected of causing losses to investors of $2.6 million between December 2007 and February 2013. Masu.
RCMP say Skinner deceived at least 16 individuals into investing in technology that he said would make hydraulic fracturing cheaper and more environmentally friendly. Investors were also falsely led to believe that the technology was about to be acquired by another company for a large profit. The scheme is said to involve two numbered companies and NEXT. Legacy Technologies Ltd., leading to Skinner’s arrest in July 2018.
Investigation and legal proceedings
During the trial, MNP Vice President Eric Szasz testified about the company’s role in investigating the financial transactions of Skinner’s company. The court-appointed MNP faced the challenge of Mr. Skinner’s lack of cooperation in providing the necessary financial documents. Some records were eventually discovered on land in the Lacombe area, but they proved sparse and incomplete. Sars also said investors had been informed of the potential sale of the technology, but MNP could not fully confirm its existence or progress.
Jury trials and delays
The trial, held in King’s Bench Justice Gillian Marriott’s Red Deer courtroom, began with a jury of two men and two women, including two alternates. Skinner’s trial was originally scheduled for September 2021, but was rescheduled multiple times before it finally took place. The case began two weeks ago and is expected to conclude by March 15, marking the third time the case has come to court.
What this incident means
This case not only highlights the risks associated with investing in potentially groundbreaking technology, but also emphasizes the importance of thorough due diligence. For the victims, the outcome of the case could bring a much-needed sense of justice, and it could also serve as a wake-up call for investors drawn to high-yield, high-risk ventures. As the legal process progresses, the impact of this case could extend beyond financial losses and could impact regulatory practices and investor vigilance in the burgeoning field of hydraulic fracturing technology.
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