(Black Press Media files)

Nevada court orders former Vancouver man to pay back $21.7M to investors

The commission says Michael Lathigee committed fraud over a decade ago

The British Columbia Securities Commission says it has won a court decision in Nevada that enforces a $21.7-million order against a man accused of defrauding his Canadian clients.

It says it is the first time a court in the United States has recognized an order from the B.C. commission.

The commission says Michael Lathigee committed fraud over a decade ago by raising millions from almost 700 investors without telling them his company was in severe financial trouble.

In 2014, it ordered Lathigee to repay the investors, pay a $15 million administrative penalty and permanently banned him from trading in securities in B.C.

The commission says Lathigee moved from Vancouver to Las Vegas, prompting it to go to court in Nevada to enforce the order.

It says in a news release that Lathigee has appealed the decision to the Supreme Court of Nevada and that it is working with its legal counsel to determine its next steps.

“We’ve done everything in our power to collect from Michael Lathigee, because if we collect, we can return money to his victims,” Doug Muir, the commission’s director of enforcement, said in the release. “This decision sends a strong message that people can’t just leave the country to avoid the consequences of their wrongdoing.”

READ MORE: $450K real estate scheme involved Surrey pastor and son, regulator says

READ MORE: B.C. pot dispensary landlord must pay $96,000 in fines, says judge

The Canadian Press


Like us on Facebook and follow us on Twitter.

Just Posted

Courtenay council opts for cantilevers on bridge

Project price tag is $8.3 million

Vancouver Island MusicFest takes a vigilant approach to possible overdose situations

Dozens of MusicFest volunteers have taken naloxone training sessions offered by festival organizer

Comox Bike Company YANA Ride early bird registration deadline looming

Comox Bike Company YANA Ride early bird registration deadline is approaching fast.… Continue reading

Sailing cancellations as Baynes Sound Connector set to undergo maintenance

Travellers and residents travelling to/from Buckley Bay and Denman Island will have… Continue reading

Team effort rescues injured mountain biker in Cumberland

A team effort between Comox Valley Ground Search and Rescue, the Cumberland… Continue reading

VIDEO: Driver doing laps in busy Vancouver intersections nets charges

Toyota Camry spotted doing laps in intersection, driving towards pedestrians

Explicit sex-ed guide for adults mistakenly given to Creston elementary students

The booklet clearly states online and inside that the guide contains sexually explicit information

Driver has $240K McLaren impounded minutes after buying it in West Vancouver

Officers clocked the car travelling at 160 km/h along Highway 1 in a 90 km/h zone

RCMP arrest woman in North Island arson investigation

Police say suspects identified, house fire ‘not random’

Former Vernon Judo coach pleads guilty to child pornography charges

Bryan Jeffrey McLachlan is set to return to court Sept. 4 for sentencing

B.C. Olympic skier sues Alpine Canada after coach’s sex offences

Bertrand Charest was convicted in 2017 on 37 charges

Former Canucks goalie Roberto Luongo to retire

‘Bobby Lou’ calls it a career after 19 NHL seasons

Man charged in crash that killed B.C. pregnant woman

Frank Tessman charged for 2018 Highway 1 accident where Kelowna elementary school teacher died

Province unveils 10-year plan to boost mental health, addiction recovery services

The plan, called A Pathway to Hope, focuses on early-intervention services that are seeing high demand

Most Read