(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

Woman refused entry after refusing to wear mask at store in Kelowna mall

The woman filmed the encounter at LUSH Cosmetics, where wearing a mask in-store is company policy

Smoky skies clearing throughout B.C. Interior

Environment Canada expects “widespread” improvement for all affected areas by Sunday

Stranger in truck grabs boy walking home from school in Kelowna

The 11-year-old boy escaped the incident, RCMP are investigating

Okanagan group calls for inclusive COVID-19 recovery plan

RAMA Okanagan wants full immigration status as part of COVID-19 recovery

Peachland residents march for better forest management

The Peachland march was one of many like it across B.C.

3 new deaths due to COVID-19 in B.C., 139 new cases

B.C. confirms 40 ‘historic cases,’ as well

Supreme Court Justice Ruth Bader Ginsburg dies at 87

The court’s second female justice, died Friday at her home in Washington

‘This is a very difficult sentencing’; Judge delays Okanagan manslaughter trial to next week

The courts heard Friday that Bourque “did not intend to cause harm” but that her actions were “reckless”

Emaciated grizzly found dead on central B.C. coast as low salmon count sparks concern

Grizzly was found on Gwa’sala-‘Nakwaxda’xw territory in Smith Inlet, 60K north of Port Hardy

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

VIDEO: B.C. to launch mouth-rinse COVID-19 test for kids

Test involves swishing and gargling saline in mouth and no deep-nasal swab

Young Canadians have curtailed vaping during pandemic, survey finds

The survey funded by Heart & Stroke also found the decrease in vaping frequency is most notable in British Columbia and Ontario

B.C. teachers file Labour Relations Board application over COVID-19 classroom concerns

The application comes as B.C.’s second week of the new school year comes to a close

CHARTS: Beyond Metro Vancouver, COVID-19 cases in B.C. haven’t increased much recently

COVID-19 case counts outside of Metro Vancouver have been level since July

Most Read