(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

Seven Days in Chilliwack

A list of community events happening in Chilliwack from Feb. 17 to 23

PHOTOS: Looking back at 2010 Olympics with top 10 images captured by Chilliwack photojournalist

Progress photographer, Jenna Hauck, shares some of her most memorable images of 2010 Winter Games

PHOTOS: Spirit of the People Powwow underway now in Chilliwack

Thousands of people have gathered this weekend to take part in the powwow open to the public

Cabaret of Wonders returns to Chilliwack with both new and familiar magicians

New material, new performers at Shawn Farquhar’s Cabaret of Wonders XVIII at Cultural Centre

Over a dozen birds found mysteriously dead on Abbotsford road

Ministry of Agriculture notified of the strange occurrence on No. 4 Road

VIDEO: Minister reports ‘modest progress’ after blockade talks with First Nation

Wet’suwet’en hereditary chiefs say Coastal GasLink does not have authority to go through their lands

B.C. man released from quarantined cruise ship in Japan

Because Spencer Fehrenbacher has American citzensip, he was evacuated by the U.S.

Henrique scores 2 as Ducks soar past Canucks 5-1

Vancouver tumbles out of top spot in Pacific Division

Trudeau cancels Caribbean trip amid pipeline protests across Canada

Protests against Coastal GasLink have disrupted rail service

B.C. VIEWS: Inaction on pipeline protests not a viable response

Columnist Frank Bucholtz on how the Coastal GasLink pipeline dispute got so bad

#FoxForFiver: Support grows in B.C. to put Terry Fox on new $5 bill

Terry Fox’ Marathon of Hope raised money for cancer research

Registration opens soon for BC 55+ Games in Richmond

2020 55+ Games have been officially scheduled for Sept. 15 to 19

Trudeau confers with cabinet ministers as rail blockades continue

The Trudeau government has been criticized for not doing more to end the blockades

Homicide team investigating after body found in Abbotsford

Resident finds deceased person on Keeping Road on Sumas Mountain

Most Read