(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

Cops for Cancer ride beats fundraising goal

Cyclists roll through Langley

For Langley farms with no farmers and farmers with no farms, a solution

Township supports land matching program to aid new farmers

Giant-Hawk name swap for Major Midget League hockey teams

League leaders last year, Valley West squad starts season on the road this weekend

A by-invitation meet-and-greet for Langley Township candidates

Man behind event also organized federal Conservative Party leadership debate in Langley

ELECTION 2018: Val van den Broek is in it to win it

One-term Langley City councillor runs for mayor

VIDEO: Messages of hope, encouragement line bars of B.C. bridge

WARNING: This story contains references to suicide and may not be appropriate for all audiences.

Trans Mountain completes Burrard Inlet spill exercise

Training required, some work continues on pipeline expansion

First court date for B.C. man accused of murdering Belgian tourist

Family and friends of Sean McKenzie, 27, filled the gallery for brief court appearance in Chilliwack

Pot, cash, mansions: Judge divvies up illegal estate of divorcing B.C. couple

The Smiths ran a multi-million marijuana operation that spanned three counties

Taking life one step at a time with Little Feet

Book documents horrific 2001 accident that drastically changed B.C. woman’s future

Around the BCHL: Nanaimo Clippers acquire defenceman from Langley Rivermen

Around the BCHL is a look at goings on around the BCHL and the junior A world.

B.C. co-op develops tech to help prevent ODs, especially for alone users

Brave Technology has been awarded $200,000 in the Ohio Opioid Technology Challenge

Recent jump in U.S. butter imports? All smooth, says Canadian dairy farmers

U.S. farmers recently enjoyed extra access to the Canadian market

Potential replacements for Phoenix pay system to start testing soon: Brison

Testing of prototypes to replace troubled federal pay system will begin within weeks

Most Read