(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

Okanagan Wildfires: The latest on wildfires and evacuations

A Saturday morning look at the major wildfires impact the Okanagan and Similkameen.

Cutest pet contest winner: Rosie

Cutest pet in the South Okanagan-Similkameen winner for July 13

Mount Conkle fire near Summerland 90 per cent guarded

This fire has several good water sources and has good road access which have contributed to the success

UPDATED: Mount Eneas fire grows to 1,374 hectares

Regional District Okanagan-Similkameen issues evac alerts for properties in Area F.

Public invited to owl release party Sunday

Three owls suspected of having ingested Warfarin to be released Sunday

BC Wildfire update on Okanagan blazes

Watch the media briefing on the current fire situation in the Okanagan.

Wildfire near West Kelowna mapped at 10 hectares

The wildfire near Glenrosa is considered out of control

Okanagan Mountain Park fire remains active

The wildfire, also called Goode’s Creek wildfire, continues to burn near Kelowna

Peachland firefighters have quiet night monitoring Mount Eneas wildfire

Fire chief Dennis Craig said wind was blowing the fire away from homes

Cigarette packs with graphic images, blunt warnings are effective: focus groups

Warnings considered effective flag ailments smoking can cause, like colorectal and stomach cancers

Canada’s title hopes quashed at Rugby Sevens World Cup in San Francisco

On the men’s side, Canada was eliminated in the round of 16 as they were shut out by Argentina 28-0

‘We are doing the right thing:’ Protesters dig in at anti-pipeline camp

B.C. Supreme Court ruled in March that both the camp and a nearby watch house could remain in place

Astronaut drops in on Kraftwerk gig, plays duet from space

Alexander Gerst becomes an astronaut musician with live performance from International Space Station

Most Read