VANCOUVER, Sept. 17, 2015 /CNW/ - The Executive Director of the British Columbia Securities Commission (BCSC) has issued a notice of hearing alleging that the sole director of a "rent-to-own" real estate business defrauded an investor.
The notice alleges that Rui ("Roy") Figueiredo, a B.C. resident and the sole director of PARE Realty Ltd. and 0929870 B.C. Ltd., persuaded a former colleague to invest a total of $81,000 in his purported "rent-to-own" real estate business.
BCSC staff maintains that Figueiredo told the investor that his funds would be used as short-term loans for customers of PARE Realty. In fact, Figueiredo lied to the investor about the investments and use of investment funds, and gave the investor a series of forged documents.
Additionally, the notice alleges that Figueiredo misappropriated the investor's funds; he spent approximately $57,875 on unauthorized expenses and used $23,125 to re-pay the investor purported returns on his investments.
These allegations have not been proven. Counsel for the Executive Director will apply to set dates for a hearing into the allegations before a panel of commissioners on October 6, 2015 at 9:00am.
You may view the notice of hearing on our website, www.bcsc.bc.ca, by typing Rui Figueiredo, PARE Realty Ltd., 0929870 B.C. Ltd., or 2015 BCSECCOM 352 in the search box. You can find information about disciplinary proceedings in the Enforcement section of the BCSC website.
Please visit the Canadian Securities Administrators' Disciplined Persons List for information relating to persons disciplined by provincial securities regulators, the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association of Canada (MFDA).
About the British Columbia Securities Commission (www.bcsc.bc.ca)
The British Columbia Securities Commission is the independent provincial government agency responsible for regulating capital markets in British Columbia through the administration of the Securities Act. Our mission is to protect and promote the public interest by fostering:
- A securities market that is fair and warrants public confidence
- A dynamic and competitive securities industry that provides investment opportunities and access to capital
Learn how to protect yourself and become a more informed investor at www.investright.org
SOURCE British Columbia Securities Commission
For further information: Media Contact: Richard Gilhooley, Media Relations, 604-899-6713; Public inquiries: 604-899-6854 or 1-800-373-6393 (toll free)