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Local man to pay hefty fine after defrauding investors

VANCOUVER (NEWS1130) – A West Vancouver man who defrauded investors has been fined $6 million and given a lifetime ban from BC’s capital markets, but there is doubt regulators will collect any of the money.

The BC Securities Commission says Luc Castiglioni raised $8.2 million from more than 60 investors in CPLC Limited Partnership and CPLC Management Group.  The commission says it traced $1.3 million from six investors, which Castiglioni used for himself, his family and other purposes.

It says he falsified account statements, lied to investors about his companies, lied about being a registered advisor and forged bank statements to keep investigators from discovering the truth.

The $6 million fine is triple the amount of the fraud plus $2 million, but the BCSC says “Our most recent information indicates that he is no longer in the country.”