Vancouver – A panel of the British Columbia Securities Commission (BCSC) has imposed a $350,000 administrative penalty on Fraser Valley Man William Wade Furman who deceived investors about his status as a registrant, his prior history of success in trading in securities and his use of investor funds.
Furman has also been ordered to return $420,847 in gains that he retained from amounts raised, through his deceptions, from ten investors through two B.C. companies that have since dissolved, Liquidus Holdings Inc.and Liquidus Capital Inc. Furman – who has never been registered under the Securities Act – also deceived investors by providing them with fictitious account statements to show purported returns on investment that bore no relationship to the fact that Furman lost almost all of the funds invested in his day trading.
In imposing the sanctions, the panel noted that Furman caused significant investor harm and was substantially enriched by the misconduct. Furthermore, it found that this case is on the “upper end of the fraudulent misconduct that has come before the BCSC.”
It went on to say that “as a consequence of the length and breadth of the dishonesty engaged in by [Furman], we consider him to be a significant future risk to our capital markets.”
In addition to the penalty, Furman must resign any position as a director or officer of an issuer or registrant, and is permanently prohibited from taking any such role. Furman also was permanently barred from trading in or purchasing securities or exchange contracts; relying on any exemptions of the Securities Act; becoming or acting as a registrant or promoter; acting in a management or consultative capacity in the securities market; or engaging in investor relations activities.
About the British Columbia Securities Commission (www.bcsc.bc.ca)
The British Columbia Securities Commission is the independent provincial government agency responsible for regulating capital markets in British Columbia through the administration of the Securities Act. Our mission is to protect and promote the public interest by fostering:
- A securities market that is fair and warrants public confidence
- A dynamic and competitive securities industry that provides investment opportunities and access to capital