B.C. woman fraudulently raised at least $30 million from investors

Supported By:

Net Patrol International Inc.  Data Investigation and Forensic Services
Bankruptcy and Insolvency Trustees

In a settlement agreement made with the British Columbia Securities Commission, a B.C. woman admitted that she fraudulently raised at least $30 million from investors.

Virginia Tan raised funds from investors, issued them promissory notes and used their investment money for short-term, high interest loans to individuals and small businesses. After 2011, Tan continued to raise funds from investors and to issue promissory notes, but no longer used investors’ funds for loans. The cover letters she gave to investors with their promissory notes still stated that the investments were for “short-term financing” and “to finance short term investments.”

Read more at Market Wired

This article is summarized by Canadian Fraud News Inc.