BCSC declares 2008 scheme involving Vancouver men a fraud
Posted July 14, 2014 12:57 pm.
This article is more than 5 years old.
VANCOUVER (NEWS1130) – Six years after hundreds of investors lost tens of millions of dollars to two Vancouver men, securities regulators have declared the scheme a fraud.
The BC Securities Commission says 698 people gave $21.7 million to companies controlled by Michael Patrick Lathigee and Earle Douglas Pasquill, including the Freedom Investment Club (FIC) Group.
A BCSC panel says the men knew their companies had severe cash flow problems including a mulit-million dollar overrun on one of its Alberta real estate projects, but were dishonest with investors.
Penalties will be handed down later.
