Named in the suit are Kevin Patrick Hobbs and Lisa Angela Cheng.
The B.C. Civil Forfeiture Office has launched a lawsuit to seize millions in assets from a couple alleged to have raised $30 million in a cryptocurrency fraud.
An RCMP federal and serious organized crime division investigation determined they raised more than $30 million “by falsely representing corporate investment opportunities … knowing they did not intend to use the invested funds to develop products they were marketing but rather with intention to misappropriate the corporately invested funds raised for their own personal benefit,” the claim’s statement says.
The court has granted a preservation order to prevent the assets from being sold or taking on more debt. Hobbs is also accused of using the “misappropriated funds” to buy a Bay Street apartment in Toronto for just under $3.74 million and to purchase a three-year lease for a $500,000 2018 Lamborghini. The pair took out an $1.6-million mortgage on the Coal Harbour townhouse in December 2018 and putting the townhouse up for sale in March of this year. In February of this year, a $2.25-million mortgage was registered on the Bay Street apartment in Toronto, which was deposited into Hobb’s Bank of Montreal accounts. The existing accounts’ balance was $1.3 million in mid-March.
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