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Man steals over 1M from 9 investors

Darpan News Desk The Canadian Press, 05 Feb, 2024 04:25 PM
  • Man steals over 1M from 9 investors

A North Vancouver man has pleaded guilty to one count of theft after an investigation found he stole more than one-million-dollars from nine investors.

A statement from B-C Securities Commission says the 55-year-old man was arrested in October 2022 and remains on bail, entering the guilty plea last week with sentencing scheduled for early May.

The commission says investors gave the man a total of 1.66 million U-S dollars between 2007 and 2017 as he promised to generate high returns through a purported private investment fund administered through his B-C company.

But it says the man wasn't registered to trade securities, and he instead used investor funds for personal expenses while losing much of the money making bad stock trades through his personal brokerage account.

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