Fraudster’s sanctions extended to B.C.

A Kelowna man has been permanently prohibited from trading and purchasing any securities in B.C.

A Kelowna man who was sentenced to six years behind bars after executing a ponzi style scheme and defrauding investors out of millions has been permanently prohibited from trading and purchasing any securities in B.C.

Randi Bochinski made a plea agreement with U.S. officials in May of 2013, admitting guilt to three counts of mail fraud, three counts of wire fraud and one count of money laundering.

He was sentenced in U.S. District Court in Boston to six years in prison and ordered to pay millions back to investors who had suffered from the scheme.

This week the B.C. Securities commission ordered that sanctions against Bochinski extend beyond the US and into B.C., barring him from trading, management in the securities market as well as any investor relations activities.

“Our mandate under the act is to protect investors and to promote fair and efficient capital markets,” reads the decision from B.C. Securities Commission.

“The egregious nature of Bochinski’s conduct, as found by the SEC, warrants permanent prohibitions in our jurisdiction.”

The fraud that Bochinski and his partner were convicted of started in 2004 and carried on until 2010. In its height, they pitched a scheme where investors were promised returns, up to 1,000 per cent, in a short period of time. Periodically they would pay returns to maintain faith in the scam, but much of the money was redirected to other purposes, such as their own personal use.

“Bochinksi admittedly participated in a fraudulent scheme involving non-existent securities, that saw him misappropriate millions of dollars in investor funds,” reads the decision.

Just Posted

Cherry season has arrived in the Okanagan

Dust off those cherry pie recipes

Sun-Rype Products Ltd. and Mamas for Mamas announce partnership

The partnership will help support mothers in crisis

Two artists put on divine feminine art show in Kelowna

The show will be on for the month of July

Poke bowl craze is coming to Kelowna

Pacific Poke opens Downtown this July

First annual BE Awards celebrate Thompson Okanagan Businesses

Kelowna businesses shine in several categories

Homeless people living on ‘Surrey Strip’ move into modular housing

BC Housing says 160 homeless people are being moved into temporary Whalley suites from June 19 to 21

Port of Prince Rupert names Shaun Stevenson as new CEO

Stevenson has worked for the port for 21 years as vice president of trade development

Senate officially passes Canada’s marijuana legalization bill

Bill C-45 now moves to royal assent, which is the final step in the legislative process

Fake attempted abduction not funny to B.C. neighbourhood residents

Two teenage boys won’t face criminal charges after scaring girl

New craft brewery location chosen in Kelowna

Rustic Reel Brewing says it will produce beer at new location on Vaughan Avenue

Mosquitoes out in full force already? Blame the weather

But a B.C. mosquito expert says the heat wave will help keep the pests at bay

Man pleads not guilty in 1987 slayings of B.C. couple

William Talbott of SeaTac was arraigned Tuesday in Snohomish County Superior Court

New GOP plan: Hold kids longer at border – but with parents

Move would ease rules that limit how much time minors can be held with their parents

Without a big data strategy, Canadians at risk of being ‘data cows’

Presentation said artificial intelligence could give Facebook and Amazon even more power

Most Read