(File)

B.C. man, two firms duped investors with $5-million Ponzi scheme, regulator says

Investors were told that Todd Norman John Bezzasso’s company was hired to distribute alcohol in B.C.

The B.C. Securities Commission panel has found that a man and two companies operating in the province committed fraud against investors through a Ponzi scheme that raised about $5 million.

The panel found Todd Norman John Bezzasso raised the money from 85 investors through Bezzaz Holdings Group Ltd. and Nexus Global Trading Ltd.

A commission news release said Friday that investors were told Nexus was contracted to distribute alcohol in B.C. and that Bezzazo sold a variety of products including health supplements and e-cigarettes.

It says investors were promised rates of return between five and 30 per cent, but the panel found Bezzasso was actually operating the Ponzi scheme and investors funds were used to pay earlier investors.

The panel also found that Richmond resident Wei Kai Liao, known as Kevin Liao, committed fraud, sold securities and acted as an advisor for some of those investors.

The panel says it will impose sanctions after hearing submissions from the commission staff and respondents.

The Canadian Press

Like us on Facebook and follow us on Twitter

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

DOWN TO EARTH: Shades of uncertainty

Head online to find easy do-it-yourself instructions to your own reusable masks and ear savers

HAPHAZARD HISTORY: The characters among the bull whackers

The men who drove the ox trains were characters

Drive-thru cannabis store coming to Lhtako Dene Nation near Quesnel

On reserve land, the store will open in accordance with band law

Still time to participate in Big Brothers Big Sisters Golf for Kids Sake fundraiser

All funds raised will go toward BBBSQ’s local programming

371 British Columbians battling COVID-19, health officials confirm

Thursday (Aug. 6) saw a second straight day of nearly 50 new confirmed cases

Statistics Canada says country gained 419,000 jobs in July

National unemployment rate was 10.9 per cent in July, down from the 12.3 per cent recorded in June

Canada plans $3.6 billion in retaliatory tariffs on U.S. in aluminium dispute

The new Canada-United States-Mexico Agreement that replaced NAFTA went into force on July 1

Canada ‘profoundly concerned’ over China death sentence for citizen in drug case

Police later confiscated more than 120 kilograms of the drug from Xu Weihong’s home

Answers to 5 common questions facing families for the COVID-19 school year

COVID-19 protocols are likely to vary even more at the school board level, and even and school-to-school.

Visitors and non-residents entering closed remote B.C. First Nation’s territories

With limited resources, they say they don’t have any authority or power to enforce the closures

UBC loses appeal on Fisheries Act convictions

BC Supreme Court upholds order to pay $1.55-million fine

Masks to be mandatory on BC Transit, TransLink starting Aug. 24

Both BC Transit and TransLink made the announcement in separate press releases on Thursday

Most Read