A Metro Vancouver man who purported to operate a “rent-to-own” real estate company that helped people purchase homes actually committed an “egregious form of fraud,” the B.C. Securities Commission has found. Rui “Roy” Figueiredo was the sole director of Pare Realty, a Surrey company that offered to provide short-term loans to renters to help them use the funds for down payments on home purchases, according to the BCSC. But in reality, the commission wrote in its decision, “there was no real business.”
Figueiredo and his corporation are ordered to pay penalties to the commission totalling $187,875. He is also permanently banned from becoming or acting as a director of any issuer or registrant.
Read the full article at The Province.