VANCOUVER, April 3, 2019 /CNW/ - A British Columbia Securities Commission (BCSC) panel has found that a B.C. man who has never been registered under the Securities Act committed fraud when he raised at least $452,000 from investors.
The BCSC panel found that William Wade Furman deceived investors about his status as a registrant, his prior history of success in trading in securities and his use of investor funds.
Furman incorporated two B.C. companies: Liquidus Holdings Inc. in February 2012 and Liquidus Capital Inc. in June 2012. Between April 2012 and June 2014, Furman induced ten investors, who made investments in the aggregate amount of $452,000, to acquire securities in one or both of these corporations. Both corporations dissolved in 2015.
Of the $452,000 raised from investors, Furman transferred $229,000 into trading accounts in which he managed to lose most of the money in these accounts. The remaining $223,000 was used for purposes unrelated to trading in securities, primarily on Furman's personal living expenses and loan repayments.
Furman deceived investors by providing them with fictitious account statements to show purported returns on investment that bore no relationship to the fact that Furman lost almost all of the funds invested in his day trading.
The panel directed the parties to make submissions on sanctions according to the schedule set out in the findings.
You may view the findings decision on our website, www.bcsc.bc.ca, by typing William Wade Furman in the search box. Information about disciplinary proceedings can be found in the Enforcement section of the BCSC website.
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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