B.C. man raised more than $450K while pretending to be licensed day-trader: BCSC

British Columbia Securities Commission finds William Wade Furman deceived investors

A Mission man who raised at least $452,000 from investors fraudulently presented himself as a successful day-trader, according to the B.C. Securities Commission.

A decision reached Thursday by the BCSC states that William Wade Furman deceived investors about his status as a registrant, his prior history of success in trading in securities and his use of investor funds when he convinced 10 people to invest close to half a million dollars between April 2012 and June 2014.

Furman incorporated two B.C. companies – Liquidus Holdings Inc. in February 2012 and Liquidus Capital Inc. in June 2012.

READ MORE: B.C. man accused of misusing $450,000 of investors’ money

He then convinced investors to acquire securities in one or both of these corporations, which dissolved in 2015.

The report indicates that of the $452,000 raised from investors, Furman transferred $229,000 into trading accounts in which he lost most of the money.

The remaining $223,000 was used for purposes unrelated to trading in securities, primarily on Furman’s personal living expenses and loan repayments, the BCSC said.

The decision indicates that Furman deceived investors by providing them with fictitious account statements to show purported returns on investment that bore no relationship to the fact that Furman lost almost all of the funds invested in his day trading.

Of the 10 investors, five testified during the BCSC hearing on behalf of a total of six investors (as one of the witnesses also testified on behalf of a corporation that was one of the investors).

Three of the remaining four investors spoke to commission investigators during the investigation of the matter, and notes of those conversations were entered as evidence during the hearing.

Furman emailed an apology to one of the investors, saying he wished he could talk to all the investors who he “caused such unforgivable pain too.”

He went on to write: “I’m not going to attempt to explain myself, or make excuses for what has happened, cuz ultimately it doesn’t matter nor is it relevant.

“I was responsible for your hard earned money and savings and like a complete idiot with serious mental issues I lost control, blew up and created a ridiculous mess of lies while hurting a lot of people that I cared about.”

The panel determined Furman committed fraud in contravention of section 57(b) of the B.C. Securities Act. He now has until May 9 to respond before the commission decides what kind of sanctions he might face.

Just Posted

VIDEO: Young black bear killed downtown Chilliwack

Video shows bear running down residential street moments earlier

Chilliwack man who allegedly fled scene of accident charged with impaired driving

Ryan Michael Gillanders has a history of criminal convictions for bad driving, robbery, theft

Severe thunderstorm possible for Fraser Valley

Environment Canada has put out a watch for the Fraser Valley and Fraser Canyon

Chilliwack Transit offering free rides to Canada Day celebrations

Evans Road route that travels by Townsend will be extended beyond the last fireworks

Chilliwack man faces Motor Vehicle Act charge for crash that killed pregnant woman

Frank Tessman charged for 2018 Highway 1 accident where Kelowna elementary school teacher died

VIDEO: Driver doing laps in busy Vancouver intersections nets charges

Toyota Camry spotted doing laps in intersection, driving towards pedestrians

RCMP across Canada to soon unionize, according to B.C. mayor

A spokeswoman for RCMP headquarters in Ottawa says it’s not yet a done deal

Explicit sex-ed guide for adults mistakenly given to Creston elementary students

The booklet clearly states online and inside that the guide contains sexually explicit information

Driver has $240K McLaren impounded minutes after buying it in West Vancouver

Officers clocked the car travelling at 160 km/h along Highway 1 in a 90 km/h zone

Former Vernon Judo coach pleads guilty to child pornography charges

Bryan Jeffrey McLachlan is set to return to court Sept. 4 for sentencing

B.C. Olympic skier sues Alpine Canada after coach’s sex offences

Bertrand Charest was convicted in 2017 on 37 charges

Former Canucks goalie Roberto Luongo to retire

‘Bobby Lou’ calls it a career after 19 NHL seasons

Province unveils 10-year plan to boost mental health, addiction recovery services

The plan, called A Pathway to Hope, focuses on early-intervention services that are seeing high demand

Most Read