(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

Two of Chemainus photographer Marston’s images picked among National Geographic’s 2018 elite

Rare double honour from the 36 best Your Shots out of nearly 19,000 photos

Wrestlers begin 2019 in fine form with Cowichan camp

The particpants ranged in age from seven to 17

Mary Lowther column: Seed catalogues and proper storage

Seeds kept dry and at 4 C can last three times as long as if they were held in household conditions.

Chemainus businesses take a direct hit during storm

Last few days before Christmas important to many to compensate for slower times

Annual hockey jamboree at Lake Cowichan coming this weekend

Annual Lake Cowichan hockey jamboree ready to hit the ice

VIDEO: Cowichan Secondary starts two-week run of ‘The Addams Family’ Jan. 16

The Cow High cast is ready, the stage is set: all they need is you so make tracks to see this show

Coming up in Cowichan: Anti-pipeline meeting; women’s shelter open house

Public meeting in Duncan to support pipeline protests A public meeting has… Continue reading

BC Hydro scammers bilked customers out of nearly $45,000 in 2018

Nearly 2,000 people reported scams to the utility, as they continue to be more common

‘Prince of Pot’ Marc Emery accused of sexual assault, harassment

Emery denied the allegations, but a Toronto woman says she is not the only one speaking out

Ex-Liberal candidate in Burnaby, B.C., says volunteer wrote controversial post

Karen Wang dropped out following online post singling out NDP Leader Jagmeet Singh’s ethnicity

Asteroids are smacking Earth twice as often as before

The team counted 29 craters that were no older than 290 million years

Canada’s arrest of Huawei exec an act of ‘backstabbing,’ Chinese ambassador says

China has called Canada’s arrest of Huawei chief financial officer Meng Wanzhou ‘politically motivated’

RCMP’s use of force in arrest of Island man not excessive, judge rules

Campbell River man high on cocaine led high speed chase through city’s downtown

In limbo: Leftover embryos challenge clinics, couples

Some are outright abandoned by people who quit paying storage fees and other couples struggle with tough decisions

Most Read