B.C. man accused of misusing $450,000 of investors’ money

The B.C. Securities Commission alleges William Wade Furman got eight investors to contribute money

A B.C. man is accused of raising nearly half a million dollars from investors for day trading, but instead, spending some of the cash on his own bills, retail purchases and paying back other investors.

The B.C. Securities Commission alleged in a news release Tuesday that William Wade Furman collected $452,000 from eight investors while living in B.C. between 2012 and 2014.

Furman is believed to have raised the money by “falsely claiming that he was a successful, licensed day-trader and that he would use their money to day-trade on their behalf.”

He raised the money through two companies he incorporated, the release said, called Liquidus Holdings Inc. and Liquius Capital Inc.

However, he was never actually registered under the Securities Act. He used half of the money to day-trade, the release said, and used the rest for cash withdrawals, retail and bill purchases and repayments to other investors and himself.

Furman also misled investors by providing fabricated monthly reports that showed how his trades were performing, the release said. Reports were published on the letterhead of a registered investment dealer.

Since 2014, he has repaid a total of $41,150 to the investors involved.

These allegations have not been proven in court.

Furman faces an appointment with the executive director of the commission on April 10 before a date is set for a hearing.


Like us on Facebook and follow us on Twitter.

Just Posted

Aspen Park students get into the Spirit (Day)

Friday fundraiser supported upcoming Camp Homewood excursion

NIDES sending two robotics teams to world championships

Navigate squads will be only Vancouver Island reps at VEX World Championships in Louisville

Dead rabbits found at Comox Valley Exhibition Grounds stoke concerns about Nanaimo virus

A B.C. wildlife veterinarian says a few of the dead bunnies will be sent for diagnosis next week.

Courtenay-Comox MLA talks water bottling business in Merville

Ronna-Rae Leonard remained neutral when asked if she opposes the proposed business

Celebrating our transit drivers on their day

March 18 is International Transit Driver Appreciation Day

Cirque du Soleil aerialist dies after fall during Florida show

Longtime performer fell while performing in VOLTA

Canada earns second Paralympic Games silver in 20 years

Held 1-0 lead in para hockey game from 12:06 of first to dying seconds of third and lost in overtime

LETTERS: Two views of oil pipeline protests

U.S. and other petroleum-rich countries aren’t cutting production

Canadian Paralympic team picked up record 28 medals

The 55 athletes strong had set a cautious goal of 17 medals for PyeongChang

Canadian comic Mike MacDonald dies at 63

Ottawa-born comedian had performed on David Letterman

B.C. VIEWS: Speculation tax, cabin tax or asset tax?

Targeting empty homes seems confused and ineffective

Inspections, training needed to prevent repeat of Fernie ammonia leak across B.C.

Ammonia is inherently dangerous and should be not used in skating and curling rinks, says one expert

RCMP move to arrest pipeline protesters at entrance to Trans Mountain work site

28 demonstrators began blocking the entrance to Kinder Morgan’s work site at about 10 a.m. Saturday

Most Read