(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

Annual Christmas Bird Count scheduled for Dec. 16

Christmas Bird Count looks to follow up on a record year.

Operation Red Nose gears up for third weekend in Williams Lake

People can call 250-392-2222 for safe transport of themselves and their vehicle

Central Cariboo Transfer Station tipping fees increasing in 2019

Amount residents can drop off for free will decrease from 200 down to 100 kilograms

Horsefly rallying to help orphaned bear cub

For about two weeks the lone small black bear has been seen by residents in Horsefly, east of Willams Lake

Guy Smith sentenced for manslaughter, dismemberment of Likely resident Gary Price

Smith, 58, will spend five and half more years in prison, above time served

VIDEO: Royals reveal the images on their Christmas cards

Prince William and his wife Kate are shown outside in casual clothes, their three young children in tow

‘I practically begged’: Kootenay woman with breast cancer denied referral to Calgary

Breast cancer patient left to fight disease alone after being denied referral to Calgary

Trudeau to make it harder for future PM to reverse Senate reforms

Of the 105 current senators, 54 are now independents who have banded together in Independent Senators’ Group

21 detained before Paris protests as police deploy in force

There was a strong police presence outside the central Saint Lazare train station, where police in riot gear checked bags

ICBC to apply for 6.3% hike to basic insurance rates

Crown Corporation said it will be submitting its next basic rate application to the British Columbia Utilities Commission Friday

Canfor Corp. extending temporary curtailment of sawmills in B.C.; cutting hours

Vancouver-based company says the decision is due to declining lumber prices, high log costs and log supply constraints

Canada’s prospective world junior team members await final roster decisions

Thirty-four players were invited to the national junior selection camp

Final phase of Kelowna hospital cardiac centre completed

Finishing new recovery rooms marks completion of $381 million project

Family searching for B.C. professor last seen at Colombian salsa club

Ramazan Gencay, a professor in economics at Simon Fraser University, was last seen in Medellin

Most Read