(Black Press Media files)

Nevada court orders former Vancouver man to pay back $21.7M to investors

The commission says Michael Lathigee committed fraud over a decade ago

The British Columbia Securities Commission says it has won a court decision in Nevada that enforces a $21.7-million order against a man accused of defrauding his Canadian clients.

It says it is the first time a court in the United States has recognized an order from the B.C. commission.

The commission says Michael Lathigee committed fraud over a decade ago by raising millions from almost 700 investors without telling them his company was in severe financial trouble.

In 2014, it ordered Lathigee to repay the investors, pay a $15 million administrative penalty and permanently banned him from trading in securities in B.C.

The commission says Lathigee moved from Vancouver to Las Vegas, prompting it to go to court in Nevada to enforce the order.

It says in a news release that Lathigee has appealed the decision to the Supreme Court of Nevada and that it is working with its legal counsel to determine its next steps.

“We’ve done everything in our power to collect from Michael Lathigee, because if we collect, we can return money to his victims,” Doug Muir, the commission’s director of enforcement, said in the release. “This decision sends a strong message that people can’t just leave the country to avoid the consequences of their wrongdoing.”

READ MORE: $450K real estate scheme involved Surrey pastor and son, regulator says

READ MORE: B.C. pot dispensary landlord must pay $96,000 in fines, says judge

The Canadian Press


Like us on Facebook and follow us on Twitter.

Just Posted

15-year-old boy drowns after midnight jump into Okangan Lake

The RCMP and BC Coroners Service are investigating the drowning.

Okanagan dancing to the beat of many drums at the Pow Wow Between the Lakes

Day two of the Pow Wow Between the Lakes featured a vast array of dancers of all ages

Summerland cannabis shop receives approval in principle

Inspection now required before Green Gaia may sell cannabis

Kelm wins Okanagan Ogopogo tubbing championship

Robbie Kelm edged out Dr. Lloyd Westby to take the Great Ogopogo Bathtub race title

Osoyoos woman who threatened mom and baby with butcher knife sentenced

Sharon Constance Forner pleaded guilty to one criminal charge and was sentenced

Chrystia Freeland condemns violence in Hong Kong, backs right to peaceful assembly

There have been months of protests in the semi-autonomous region

B.C. VIEWS: Log exports and my other errors so far in 2019

Plastic bags, legislature overspending turn out differently

‘It’s just the freedom:’ Paralyzed Broncos player pursuing life on the water

The former Humboldt Broncos goaltender, who started in the net when he was nine, was paralyzed last year

Canadians killed in Afghanistan honoured during emotional dedication ceremony

One-hundred-fifty-eight Canadian soldiers died during the mission

It’s snow joke: Up to 30 cm of snow expected to fall in northeastern B.C.

Alaska Highway, Fort Nelson to be hit with August snowstorm, according to Environment Canada

‘I’m just absolutely disgusted’: Husband furious after B.C. Mountie’s killer gets day parole

Kenneth Fenton was sentenced to prison after he fatally struck Const. Sarah Beckett’s cruiser

Sea-to-Sky Gondola in B.C. likely out of commission until 2020

Sea to Sky Gondola carries between 1,500 and 3,000 people every day during the summer season

Auntie Says: A different spin on to the bullying problem

Faye Arcand is a freelance writer living in the South Okanagan

Most Read