(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

CRD opens survey on 2018 wildfire response and impacts

The CRD closed its emergency operations centre this week

Pulled cattle guards going back in place despite B.C. Interior First Nations moose hunt protest

Forests minister Donaldson and TNG Chief Alphonse discuss situation, agree on path forward, ministry says

Cody Dillabough drops out of race for Quesnel City Council

The deadline for the withdrawal of candidates is Sept. 21 at 4 p.m.

Calling all artists: the Quesnel Art Gallery is looking for submissions

It can take between 20 and 30 individual pieces to fill the gallery

Quesnel bull rider as tough as they come

Lane Cork fights through injuries to take top spot in B.C.

WATCH: Correlieu students simulate driving heavy machinery

Local students given the chance to test out a career in the forestry industry

B.C. premier apologizes for removal of 1950s totem pole at Canada-U.S. border

First Nations say pole was raised at Peace Arch but removed to make way for tourism centre

‘Summer from hell’: vandals rob Fort St. James community garden following devastating wildfire season

The community rallied to keep the Health Minds Community Garden open in Fort St. James

Tornado touches down in Ottawa and Gatineau, Que.

Environment Canada says cars and homes have been damaged by severe thunderstorms and high wind gusts

An unexpected sight: Bear spotted eating another bear in central B.C.

Cheslatta Carrier Nation Chief finds bear eating another bear’s carcass

RCMP confirm death of missing BC teen Jessica Patrick

No details on cause were given. Case is under criminal investigation and police are asking for tips.

CUTENESS OVERLOAD: 2 sea otters hold hands at the Vancouver Aquarium

Holding hands is a common – and adorable – way for otters to stay safe in the water

B.C. teen with autism a talented guitarist

Farley Mifsud is gaining fans with every performance

Yukon man facing new attempted murder charge in B.C. exploding mail case

Leon Nepper, 73, is now facing one charge each of aggravated assault and attempted murder

Most Read