The executive director of the British Columbia Securities Commission (BCSC) has issued a notice of hearing alleging that three B.C. men and three companies have committed fraud against two investors.
It’s alleged that $450,000 was taken from two investors in which the investors were told their funds would be used to purchase properties in Edmonton to generate returns. Both investors were told they would receive a 50 per cent return on investment within 60 days.
Instead of using the funds to purchase Edmonton properties, the executive director of the BCSC alleges that Alan Braun and Jerry Braun of Surrey, B.C., and Steven Maxwell, spent the investors’ funds on things like personal mortgages and credit card payments, and cash withdrawals.
Read more at Newswire
This article is summarized by Canadian Fraud News Inc.
Deborah McCoy – Is an investigative journalist and has over 17 years of investigation experience in both the private and public business sectors. Since joining CFN, Ms. McCoy has become a true advocate for victims of fraud and increasing the public’s awareness in fraud prevention.