(File)

B.C. man, two firms duped investors with $5-million Ponzi scheme, regulator says

Investors were told that Todd Norman John Bezzasso’s company was hired to distribute alcohol in B.C.

The B.C. Securities Commission panel has found that a man and two companies operating in the province committed fraud against investors through a Ponzi scheme that raised about $5 million.

The panel found Todd Norman John Bezzasso raised the money from 85 investors through Bezzaz Holdings Group Ltd. and Nexus Global Trading Ltd.

A commission news release said Friday that investors were told Nexus was contracted to distribute alcohol in B.C. and that Bezzazo sold a variety of products including health supplements and e-cigarettes.

It says investors were promised rates of return between five and 30 per cent, but the panel found Bezzasso was actually operating the Ponzi scheme and investors funds were used to pay earlier investors.

The panel also found that Richmond resident Wei Kai Liao, known as Kevin Liao, committed fraud, sold securities and acted as an advisor for some of those investors.

The panel says it will impose sanctions after hearing submissions from the commission staff and respondents.

The Canadian Press

Like us on Facebook and follow us on Twitter

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Haida Gwaii libraries launch new ‘takeout’ curbside pickup service

As of June 5, cardholders can once again access physical copies of books, DVDs and more

Blacktail Haida Gwaii working to reopen with new covered patio

Chef-owner Edi Szasz hopes to reopen on June 25, the one-year anniversary of the restaurant

Skidegate daycare staff recognized for creative care during COVID-19

Staff have been using social media to share isolation activities, read stories and sing songs

Village of Queen Charlotte approves business facade improvement grants

Applications from Gather, dental clinic, A Level Up approved, leaving about $14,000 up for grabs

Recycling services in Queen Charlotte, Port Clements expanding next week

Residential plastics will be accepted again, but most residential transfer stations remain closed

‘I’m pissed, I’m outraged’: Federal minister calls out police violence against Indigenous people

Indigenous Minister Marc Miller spoke on recent incidents, including fatal shooting of a B.C. woman

Kelowna Mountie who punched suspect identified, condemned by sister

‘How did he get away with this? How is this justifiable?’

PHOTOS: Anti-racism protesters gather in communities across B.C.

More protests are expected through the weekend

Pair accused of ‘horrific’ assault at Vancouver’s Oppenheimer Park at large

Police say Jason Tapp, 30, and Nicole Edwards, 33, did not show up to meet their bail supervisor this week

No charges to be laid against 22 northern B.C. pipeline protesters

Twenty-two people were arrested in February, but Crown has decided not to pursue charges

‘Great Regional Air Hug’ being organized by the Vanderhoof International Airshow Society

A multi-aircraft flyover over the region is being planned for August 15.

Plan in place for BC Ferries to start increasing service levels

Ferry corporation reaches temporary service level agreement with province

B.C. starts to see employment return under COVID-19 rules

Jobless rate for young people still over 20% in May

Most Read