(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

Chilliwack playground structure destroyed by fire to be replaced

Fairfield Island neighbourhood rallied and city hall responded with $50,000 funding

New 10-bed women’s centre to open in Chilliwack this fall

Situation dire for women fleeing violence and exploitation in Chilliwack, says ADTS head

Steven Point to be presented honourary degree from Justice Institute of B.C.

Former lieutenant-governor and provincial court judge will be recognized at JIBC’s spring convocation

Public not in danger during apparent standoff in Chilliwack Sunday: RCMP

Little Mountain residents ask questions about large police presence May 20

ON STAGE: Time to clean up, company is coming

A Langley theatre group is once again hosting the regional community theatre competitions this week.

VIDEO: Morgan Freeman to voice announcements on SkyTrain, buses

TransLink unveils new credit card feature ahead of busy tourist season

Judge: President Trump can’t block critics on Twitter

The judge had suggested that Trump mute rather than block some of his critics

B.C. aHUS patient in need of kidney donation

Despite receiving $750K drug Soliris, Paul Chung’s kidneys failed

NFL owners adopt new policy to address anthem protests

Commissioner Roger Goodell said the change was approved unanimously by owners

Unicyclist starts his cross-Canada trip in Vancouver

Taylor Stark started his journey May 7

Film Review: On Chesil Beach

Saoirse Ronan continues to shine in adaptation Ian McEwan novel about young newlyweds on their wedding day

UFV commits to entire first year in Chilliwack for a range of degree programs

Included will be Bachelor degrees in Arts, Criminal Justice, Business Administration, and science

BC Seafood Festival competition line-up announced for Island event

Top Vancouver chefs heading to the Island for the largest seafood festival in Western Canada

B.C. patients lost nearly $500,000 due to medical wait times: report

Fraser Institute report shows Canadians as a whole lost $1.9 billion

Most Read