B.C. man raised more than $450K while pretending to be licensed day-trader: BCSC

British Columbia Securities Commission finds William Wade Furman deceived investors

A Mission man who raised at least $452,000 from investors fraudulently presented himself as a successful day-trader, according to the B.C. Securities Commission.

A decision reached Thursday by the BCSC states that William Wade Furman deceived investors about his status as a registrant, his prior history of success in trading in securities and his use of investor funds when he convinced 10 people to invest close to half a million dollars between April 2012 and June 2014.

Furman incorporated two B.C. companies – Liquidus Holdings Inc. in February 2012 and Liquidus Capital Inc. in June 2012.

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

He then convinced investors to acquire securities in one or both of these corporations, which dissolved in 2015.

The report indicates that of the $452,000 raised from investors, Furman transferred $229,000 into trading accounts in which he lost most of the money.

The remaining $223,000 was used for purposes unrelated to trading in securities, primarily on Furman’s personal living expenses and loan repayments, the BCSC said.

The decision indicates that Furman deceived investors by providing them with fictitious account statements to show purported returns on investment that bore no relationship to the fact that Furman lost almost all of the funds invested in his day trading.

Of the 10 investors, five testified during the BCSC hearing on behalf of a total of six investors (as one of the witnesses also testified on behalf of a corporation that was one of the investors).

Three of the remaining four investors spoke to commission investigators during the investigation of the matter, and notes of those conversations were entered as evidence during the hearing.

Furman emailed an apology to one of the investors, saying he wished he could talk to all the investors who he “caused such unforgivable pain too.”

He went on to write: “I’m not going to attempt to explain myself, or make excuses for what has happened, cuz ultimately it doesn’t matter nor is it relevant.

“I was responsible for your hard earned money and savings and like a complete idiot with serious mental issues I lost control, blew up and created a ridiculous mess of lies while hurting a lot of people that I cared about.”

The panel determined Furman committed fraud in contravention of section 57(b) of the B.C. Securities Act. He now has until May 9 to respond before the commission decides what kind of sanctions he might face.

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

Just Posted

Stop checks, searches of Wet’suwet’en pipeline opposers unlawful: Watchdog

Wet’suwet’en hereditary chiefs, the B.C. Civil Liberties Association, Union of B.C. Indian Chiefs file complaint

Wet’suwet’en pipeline supporters speak up

“Protesters get one side of the story and they stand up with their fists in the air.”

Bachrach rejects calls for police action against demonstrators

Skeena-Bulkley Valley MP says only way out of crisis is “true nation-to-nation” talks

Coast Mountain College appoints a new president

The promotion came from within the school

Coastal GasLink pipeline investor committed to closing deal despite protests

Developer TC Energy Corp. — formerly TransCanada Corp. — is to remain the operator of the $6.6-billion pipeline

Blair says RCMP have met Wet’suwet’en conditions, calls for end to blockades

The Wet’suwet’en’s hereditary chiefs oppose the Coastal GasLink project

Petition seeks to remove local police department from Lindsay Buziak murder case

American woman starts online petition in hopes of helping Buziak family

Health officials confirm sixth COVID-19 case in B.C.

Woman remains in isolation as Fraser Health officials investigate

Study says flu vaccine protected most people during unusual influenza season

Test-negative method was pioneered by the BC Centre for Disease Control in 2004

Saskatchewan and B.C. reach championship round at Scotties

British Columbia’s Corryn Brown locked up the last berth in Pool B

B.C. lawyer, professor look to piloting a mental-health court

In November, Nova Scotia’s mental-health court program marked 10 years of existence

COLUMN: Not an expert on First Nations government structures? Then maybe you should calm down

Consider your knowledge about First Nations governance structures before getting really, really mad

One dead in multi-vehicle collision involving logging truck on northern B.C. highway

DriveBC says highway expected to remain closed until 8 p.m.

B.C. teacher gets 15-year ban after lying about having sex with just-graduated student

Teacher had been dishonest with the B.C. Commissioner for Teacher Regulation

Most Read