Hearing begins without key player
REGINA — It was a day of frustration — for investors out thousands, business operators that claim unfair treatment and a tribunal missing the accused’s agent who vanished — as a long-awaited Regina securities hearing opened.
“It’s totally bizarre,” one witness proclaimed as he testified Wednesday at a hearing probing investment offerings by Alena Marie Pastuch and her companies.
According to a notice of hearing prepared two years ago, approximately $5.6 million was invested by almost 60 residents of Saskatchewan, Alberta and B.C. in Teamworx Productions Ltd., Idendego Inc., Cryptguard Ltd. and two numbered companies that Pastuch headed.
“Why isn’t she here?” asked Jamie Callfas, one of those investors.
Not only was Pastuch absent as the hearing finally got underway, but so was Brian Pederson. chief technology officer in her companies, Pederson had represented Pastuch in the proceedings before a hearing panel of the Financial and Consumer Affairs Authority. Pastuch had testified by telephone Monday and Tuesday on an application, argued by Pederson, to have the proceedings dismissed.
Late Tuesday, they learned their application had failed, and the hearing — put off five times previously — would commence the next morning. Pederson stood before the panel Wednesday to ask for a further delay, saying an appeal of its decision would be filed and arguing again that they haven’t received full disclosure of the FCAA’s evidence.
“This issue must be addressed before delving deeper,” said Pederson, who had traded in the business suit worn the past few days for jeans and a winter coat that he never removed.
After the tribunal deliberated, chair Gord Hamilton said, “It is this panel’s belief it’s time for this hearing to proceed.” There was a fiveminute break to get things organized. Pederson mumbled “this is just a formality” before exiting the room. He never returned, and the panel couldn’t reach him or Pastuch by phone.
“We’ve waited enough time,” Hamilton said after nearly an hour. “We have no option but to proceed.”
The hearing is to continue next week.