Half a billion dollars in fines and orders to pay back the proceeds of frauds went unpaid in the past decade

According to findings from a Postmedia investigation, half a billion dollars in connection with various fines and orders to pay back the proceeds of frauds levied by the B.C. Securities Commission, have gone unpaid in the past decade.

A Langley-resident who wished to be identified only by his last name, Nagy, to protect his privacy, said he lost $100,000 in an $11.7-million Ponzi scheme perpetrated by Surrey-resident Tom Williams. In a 2016 securities commission judicial panel decision, Williams was banned from B.C.’s capital markets and fined $21.8 million. He has not paid a cent, according to commission records.

In another, seemingly more egregious case of a known fraudster not paying a cent of their government imposed fine, is Virginia Tan. In an April 2017 settlement agreement with the B.C. Securities Commission, Virginia Tan admitted to carrying out a $30 million Ponzi scheme since 2011 as a West Vancouver-resident. She has not paid any of the $3 million fine the securities commission imposed on her by the securities commission.

When victims try to get the police involved, stories of cases being shuffled around are the norm. In various circumstances noted in the Vancouver Sun article, victims are told by police that they simply can’t afford to investigate their claims.

On Monday, in a written statement, Finance Minister Carole James responded to questions put to the Attorney General and Solicitor General’s offices. “Our expectation is that the BCSC and federal agencies including the RCMP work together to protect investors and deter white collar criminals,” said James, who her officials said is taking a lead on issues raised by the Postmedia investigation.

Read the full story over at the Vancouver Sun.

This story was summarized by Canadian Fraud News Inc.

Devin Jones is the head writer and social media producer at Canadian Fraud News. Devin was raised in Toronto and is a graduate of the Ryerson University journalism program. As a former Digital Media editor at the Ryerson Review of Journalism, you can find Devin camera and coffee in hand, at his home photo studio.

Leave a Comment