(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

EMCS Wolverines off to slow start

Wolverines start season 0-2

Victoria Police investigate stabbing in restaurant on Douglas Street

Police were called to the 800-block around 1:30 p.m.

‘Fix Canada First’ posters found at Victoria bus stops

At least five posters found along Douglas Street

Saanich residents deliver notice to Capital Regional District

Grange Road residents fear the loss of up to 50 trees

Council approves plan banning cycling in Haro Woods

Municipality accused of caving to small minority of park users

Man caught on camera allegedly trying to defraud ICBC

Auto-insurer warns B.C. drivers to record info after crashes

Teenager Alphonso Davies wins Canadian Men’s Soccer Player for the Year Award

Derek Cornelius and Chilliwack native, Jordyn Huitema were named Canadian Youth International Players of the Year

B.C. teen MMA fighter shows heart

Young Unity MMA competitors bring home Ws

2,000 Canadians died of an overdose in first 6 months of the year

New data from the Public Health Agency of Canada shows the crisis is not subsiding

Baptists aren’t the ones to blame

Re: Lack of shelter leaves homeless out in the cold (News, Dec.… Continue reading

LETTERS: Traffic on roundabout is a tragedy waiting to happen

Re: New laws will make roads safer (Our View, Dec. 12) I’m… Continue reading

Another B.C. city votes to ban single-use plastic bags

First six months of proposed ban would focus on education, not enforcement

LETTERS: Finish repainting Otter Point Road lines

In June, September and November, I requested the lines on Otter Point… Continue reading

Most Read