(File photo)

$450K real estate scheme involved B.C. pastor and son: regulator

BCSC panel finds Steven Maxwell, Alan and Jerry Braun took money from two investors in a fraudulent investment scheme

British Columbia Securities Commission (BCSC) has found that two Surrey residents – a pastor and his son – and a White Rock resident committed fraud against two people in a real estate related investment scheme.

A BCSC panel found that Alan and Jerry Braun, and Steven Maxwell (also known as Steven Fassman), committed fraud when they took $450,000 from two investors in three different transactions.

“In each case, the prohibited act or deception clearly resulted in the risk of deprivation and, ultimately, actual deprivation to the investors,” the panel said in its findings.

In an Oct. 24 release, BCSC also stated that the panel made fraud findings against three corporate entitites – Braun Developments (B.C.) Ltd., 0985812 B.C. Ltd. (TerraCorp Investment Ltd.), and 8022275 Canada Inc.

The panel found that Braun Developments and 8022275 Canada Inc. committed fraud with respect to the three investments in the amount of $450,000, and TerraCorp Investment committed fraud with respect to two of the investments in the amount of $300,000.

According to BCSC, Alan and Jerry Braun, both directors and officers of Braun Developments and TerraCorp Investment, were responsible for directing the affairs of both entities. Maxwell was a director of 8022275 Canada Inc. and was responsible for its affairs, the BCSC stated.

“The three men and the companies that they controlled deceived the investors by leading them to believe that they were purchasing real estate investments in Edmonton that would yield very high returns in a short period,” noted the release from BCSC. “In the end, the Brauns and Maxwell did not use the investors’ money to invest in real estate. Instead, they used the investors’ money for other purposes, including for their own personal living expenses.”

The panel directed the parties to make submissions on sanctions according to the schedule set out in the findings.

Sanctions are still to come.



amy.reid@surreynowleader.com

Like us on Facebook Follow us on Instagram and follow Amy on Twitter

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

Just Posted

Unplug and Play Literacy Week returns in late January

The event sponsored by Interior Savings encourages everyone young and old to unplug from screentime

Kelowna’s Tess Critchlow gears up for World Cup at Big White

Critchlow is a professional snowboarder competing for Team Canada in the boardercross competition

Rockets stunned in 7-0 loss to Portland

Portland’s goaltender Dante Gianuzzi was named the game’s first star with a 17-save shutout

Kelowna secondary basketballer nominated for Canada-wide All Canadian Games

KSS’s Rylee Semeniuk is one of 152 players nominated

After cashing in on QB gambles, Chiefs and 49ers to clash in Super Bowl

KC beats Tennessee, San Francisco dispatches Green Bay to reach NFL title game

B.C. VIEWS: Few clouds on Horgan’s horizon

Horgan’s biggest challenge in the remainder of his term will be to keep the economy humming along

Victoria family focuses on ‘letting go, enjoying time together’ after dad gets dementia

Walter Strauss has developed an interest in music and now takes line dancing classes

B.C. forest industry grasps for hope amid seven-month strike, shutdowns, changes

Some experts say this could be worse for forestry than the 2008 financial crisis

Northern B.C. RCMP investigating alleged sexual assault in downtown Smithers

One person was transported by ambulance to hospital following RCMP investigation at Sedaz

UBC, Iranian-Canadian community create memorial scholarship in honour of victims

The Jan. 8 crash killed 176 people, including 57 Canadians

Disrespectful that Horgan won’t meet during northern B.C. tour: hereditary chief

Na’moks said he was frustrated Horgan didn’t meet with the chiefs

Update: Highway reopens after crash west of Revelstoke

Drive BC also reported a vehicle incident 10 km east of Golden.

Most Read