(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

Okanagan College business program compounds opportunites for finance students

The college has recieved Chartered Financial Analysist credentials for finance students

Kelowna torchbearers announced for Canada Games

The torch will be passed to Kelowna Nov. 30

Kelowna RCMP issue tickets during Hells Angels annual Poker Run

The 90 participants were held up in Glenmore

Kelowna’s Little Owl Academy recieved award of excellence

They are one of the recipients of the Child Care Award of Excellence from the B.C. government.

Triple O’s hosts their nineth annual KidSport Day fundraiser

A ‘Stadium Burger’ has been created for the event

Weekday weather update

A look at your Okanagan-Shuswap weekday weather for Sept. 24

Edmonton cannabis company revenues more than triples to $19.1 million

Aurora Cannabis revenues more than triple in fourth quarter

B.C. pharmacist suspended for giving drugs with human placenta

RCMP had samples of the seized substances tested by Health Canada

Seattle one step closer to NHL after arena plan approved

Seattle City Council unanimously approved plans for a privately funded $700 million renovation of KeyArena

Harvest Moon to light up B.C. skies with an ‘autumn hue’

It’s the first moon after the autumn equinox

Hockey league gets $1.4M for assistance program after Humboldt Broncos crash

Program will help players, families, coaches and volunteers after the shock of the deadly crash

New arts council formed in Lake Country

Get to Know Us Extravaganza is Sept. 29

Don’t feed birds in the parking lot

Vernon wildlife control services owner says feeding ducks and geese, or any wildlife, is bad

Most Read