The BCSC has fined three individuals for their involvement in an international gold mining Ponzi scheme. mining
The BC Securities Commission has handed out C$956,000 in penalties to three local residents for their involvement in what it calls “an elaborate fraud” that promised investors large returns on non-existent gold mining operations in Africa and Brazil.on March 2, 2023, a BCSC panel ordered Sabrina Ling Huei Wei to pay a C$500,000 administrative penalty, plus a C$90,000 fine, representing the amount she obtained from the scheme.
The scheme raised over $15 million from more than 1,400 investors, according to the US Securities and Exchange Commission . The BCSC found that 137 BC residents or people connected to the province lost a total of C$1.5 million. In 2019, in civil actions brought by the SEC, federal courts entered final judgments against Filho and several others – including Heriberto C. Perez Valdes, a former Florida resident – for fraud and selling securities without being registered. Filho was ordered to pay more than $11 million, and Valdes was ordered to pay $1.2 million.
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