The pyramid scheme originated in Florida and had five B.C. residents play an integral role.
A B.C. Securities Commission panel has found three B.C. residents conspired in an international Ponzi scheme that defrauded 137 fellow British Columbians of nearly $1.5 million.
Investors fleeced, lose family relationships One investor, a 41-year-old landscaper who lost $60,000, also referred family members, leading to his brother losing $15,000 and uncle losing $10,000, approximately. The panel noted he testified the fraud “had a significant and permanent detrimental effect on his relationships with his family,” including estrangement during the holidays.
U.S. SEC found fraud originated in Florida On Oct. 22, 2019, the U.S. Securities and Exchange Commission obtained default judgments against four key promoters of the Ponzi scheme. The promoters raised more than $15 million from at least 1,400 investors by recruiting new members in pyramid-scheme fashion to keep the fraud afloat, noted the SEC.
The BCSC highlighted some of the steps it took to catch the trio: acting on a tip, BCSC investigators went to a promotional event at the Fairmont Pacific Rim Hotel in Vancouver.“Wei spoke and explained that she was an accountant with a background in financial services, in real estate development and in mining development. She described DFRF as an opportunity for the average person to amass great wealth. She showed photographs of what she described as DFRF’s U.S.
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