A British Columbia Securities Commission (BCSC) panel has found that Lynne Rae Nickford (a.k.a. Lynne Rae Zlotnik) perpetrated fraud on 13 investors.
Nickford had previously been registered as a scholarship fund salesperson from 1991 to 1993 and as a mutual fund salesperson from 1998 to 2008, but was not registered under the Securities Act during that period.
She was also licensed as a life, accident and sickness insurance agent and was the sole proprietor of Lynne Zlotnik Wealth Management (LZWM).
The BCSC panel found that in 2009-2010, Nickford convinced 13 investors to loan money or invest in LZWM. She told investors that their money would be used for LZWM’s business operations and growth. Nickford regularly offered investors rates of return ranging from 12 to 16 per cent and issued them promissory notes or “private investment” documents.
The panel concluded that Nickford spent close to $320,000 of the investors’ money on personal expenses.
Read more at Newswire
