BCSC alleges funding fraud to fund playing spree

In Surrey, British Columbia, a person is alleged to have used cash obtained from traders to fund a major playing spree.

In accordance with the B.C. Securities Fee (BCSC) in Canada, David Lawrence Pazurik accrued CAD 200,460 ($145,600) from 14 traders as the only operator behind Pazman Promotions, an entity stated to be “within the enterprise of buying and customizing branded merchandise for different companies.” 

At current, not one of the allegations towards Pazurik have been confirmed, with the fee set to carry a listening to on the matter. 

In accordance with the BCSC, the alleged fraudulent exercise is alleged to have taken place between January 2021 and Could 2022, with Pazurik utilizing the proceeds for playing and different private spending.

A information launch from the fee detailed how he burned via nearly 75% of the funds raised, round $146,000, with some funds additionally made to associates of Pazurik. 

Consequently, the BCSC alleges that he dedicated a fraud breach beneath the Province’s Securities Act.

BCSC to schedule a listening to on the alleged breach of Securities Act

The premise of the scheme was an funding in a profit-sharing association, via help for gross sales contracts in Pazman Promotions’ enterprise exercise. Purchasers have been suggested they’d be in line for a “reimbursement of their funds plus a certain quantity of earnings in a brief time frame.”

The communication from the B.C. authority detailed that this didn’t materialize, with no returns paid to traders, as pledged.

Pazurik or his representatives have now been referred to as to make a submission to the B.C. Securities Fee on November 18, earlier than it schedules a listening to to rule on the state of affairs.

As an unbiased provincial authorities physique, the remit of the BCSC is to set the principles, present oversight, and perform enforcement on the funding market, to make sure it’s “trustworthy, truthful, aggressive and dynamic.”

Picture credit score: IJF

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