(File photo)

(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

A nurse performs a test on a patient at a drive-in COVID-19 clinic in Montreal, on Wednesday, October 21, 2020. THE CANADIAN PRESS/Paul Chiasson
Interior Health reports 16 new COVID-19 cases

423 cases remain active in the region

(Photo by Marissa Baecker/Shoot the Breeze)
B.C. WHL teams to hit the ice with Kelowna, Kamloops hub cities

Kelowna, Kamloops centres chosen to host B.C. WHL teams for 24-game regular season

(CIty of Kelowna)
Kelowna council shoots down Upper Mission subdivision after 8 years of planning

Thomson Flats would have introduced 680 new homes near Kelowna’s southern boundary

Ice rescue on Shannon Lake. Phil McLachlan, Kelowna Capital News.
‘Ice season is over’; West Kelowna crews rescue man from icy lake

A man in his 60’s was pulled from the waters of Shannon Lake after falling through

HOPE Okanagan’s Stay at Home Gala will raise funds to help serve Kelowna and Vernon’s vulnerable. (HOPE Okanagan)
Non-profit hosts virtual gala to support Okanagan’s vulnerable

HOPE Okanagan wants to raise awareness and support for those struggling in the streets

The Independent Investigations Office of B.C. has cleared the Lumby RCMP of any wrongdoing after a missing person was found deceased in December 2020. (IIO photo)
Police watchdog says North Okanagan RCMP played no role in missing person’s death

The body was found by a family member shortly after the RCMP suspended their search

The images are of Bald Eagles feeding.
Photos: Birds of prey

Princeton photographer captures compelling photos of a Bald Eagle breakfast

Older rental apartments are prime candidates for renovations, and could result in lost affordable housing stock. (Zoë Ducklow photo)
B.C.’s renoviction overhaul a good start, but won’t preserve affordable stock, lawyer says

And still no protection for people who can’t pay rent due to COVID-19

An off-duty Vernon Taxi driver got a 24-hour licence suspension, vehicle towed, after failing a standardized field sobriety test around 1:40 a.m. Tuesday, March 2, 2021. (John E Green - Facebook)
Vernon Taxi towed after driver suspected impaired

Off-duty cab towed from McDonald’s drive-thru early Tuesday morning

Cannabis bought in British Columbia (Ashley Wadhwani/Black Press Media)
Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

Kamloops This Week
Cause of Kamloops landfill fire may never be known

Fire investigators are dealing with too much destruction in too large an area

Canadian Mental Health Association staff and volunteers experienced increased Crisis Line calls with COVID-related concerns. (CMHA photo)
North Okanagan MP pushes for national suicide hotline

Mel Arnold seeks support from North Okanagan-Shuswap municipalities for 988 hotline

Most Read