(thebalance.com/Contributed)

B.C. man accused of misusing $450,000 of investors’ money

The B.C. Securities Commission alleges William Wade Furman got eight investors to contribute money

A B.C. man is accused of raising nearly half a million dollars from investors for day trading, but instead, spending some of the cash on his own bills, retail purchases and paying back other investors.

The B.C. Securities Commission alleged in a news release Tuesday that William Wade Furman collected $452,000 from eight investors while living in B.C. between 2012 and 2014.

Furman is believed to have raised the money by “falsely claiming that he was a successful, licensed day-trader and that he would use their money to day-trade on their behalf.”

He raised the money through two companies he incorporated, the release said, called Liquidus Holdings Inc. and Liquius Capital Inc.

However, he was never actually registered under the Securities Act. He used half of the money to day-trade, the release said, and used the rest for cash withdrawals, retail and bill purchases and repayments to other investors and himself.

Furman also misled investors by providing fabricated monthly reports that showed how his trades were performing, the release said. Reports were published on the letterhead of a registered investment dealer.

Since 2014, he has repaid a total of $41,150 to the investors involved.

These allegations have not been proven in court.

Furman faces an appointment with the executive director of the commission on April 10 before a date is set for a hearing.


@ashwadhwani
ashley.wadhwani@bpdigital.ca

Like us on Facebook and follow us on Twitter.

Just Posted

Vopak expects 240 liquid gas-by-rail cars per day

North Coast residents can learn more about the Ridley Island-based project at the open houses

Ice Demons get an early start on the ice

The players are determined to score wins in this year’s league.

Focus groups important for age-friendly policy

These results will drive the age-friendly action plan

Is it a car? Is it a buggy? Yes, all of the above

Riverbank cleanup nets some odd items

CMTN unveils renovated House of Cedar

$18.4M upgrade and renovation cited as key to modern trades training

Video: Flyers new mascot ‘Gritty’ a bearded, googly-eyed terror

The Philadelphia Flyers unveiled their new mascot Monday, and as one would expect of the team that gave us the “Broad Street Bullies,” he’s far from cuddly.

Edmonton cannabis company revenues more than triples to $19.1 million

Aurora Cannabis revenues more than triple in fourth quarter

B.C. pharmacist suspended for giving drugs with human placenta

RCMP had samples of the seized substances tested by Health Canada

Seattle one step closer to NHL after arena plan approved

Seattle City Council unanimously approved plans for a privately funded $700 million renovation of KeyArena

Harvest Moon to light up B.C. skies with an ‘autumn hue’

It’s the first moon after the autumn equinox

Hockey league gets $1.4M for assistance program after Humboldt Broncos crash

Program will help players, families, coaches and volunteers after the shock of the deadly crash

Canada has removed six out of 900 asylum seekers already facing U.S. deportation

Ottawa had said the ‘overwhelming majority’ had been removed

Appeal pipeline decision but consult Indigenous communities, Scheer says

The federal appeals court halted the Trans Mountain expansion last month

Most Read