VANCOUVER, June 16, 2017 /CNW/ - The Executive Director of the British Columbia Securities Commission (BCSC) has issued a notice of hearing alleging that Donald Bruce Edward Wilson (Wilson), David Scott Wright (Wright), Patrick K. Prinster (Prinster), and two companies they controlled committed fraud. All three men are B.C. residents.
DominionGrand II Mortgage Investment Corporation (DG Mortgage) and DominionGrand Investment Fund Inc. (DG Fund) are B.C.-based companies that held themselves out as mortgage investment corporations. Wilson was the president, secretary, and a director of DG Mortgage; Wright was a director of DG Mortgage and DG Fund; and Prinster was a director, agent, or both of DG Mortgage and DG Fund.
The notice alleges that between June 2011 and August 2013, the respondents raised approximately $1.1 million from 40 investors. The investors were told that their money would be invested in mortgages secured by real estate. However, the respondents did not invest the money in mortgages and instead distributed the majority of the investors' money to other companies related to the respondents, business expenses, and commissions to finders.
The notice also alleges that Wilson, Wright, and Prinster, as directors, officers, or agents of DG Mortgage and DG Fund, are liable for the companies' fraud.
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 July 11, 2017 at 9 a.m.
You may view the notice of hearing on our website, www.bcsc.bc.ca, by typing DominionGrand II Mortgage Investment Corporation, DominionGrand Investment Fund Inc., Donald Bruce Edward Wilson, David Scott Wright, Patrick K. Prinster or 2017 BCSECCOM 203 in the search box. Information about disciplinary proceedings can be found in the Enforcement section of the BCSC website.
Please visit the Canadian Securities Administrators' (CSA) Disciplined List for information relating to persons and companies 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
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