National News

Security commission says B.C. man committed fraud

By The Canadian Press

VANCOUVER - The British Columbia Securities Commission has found a Vancouver Island man committed a $65-million fraud on almost 500 clients, many of them senior citizens.

A commission panel found between June 2007 and December 2010 David Michael Michaels illegally advised clients to sell their stocks, bonds and mutual funds to purchase high-risk exempt market securities.

The panel heard Michaels paid $2,000 to conduct weekly infomercials, entitled Creating Wealth with David Michaels, on CFAX 1070 radio in Victoria, drawing about 20,000 listeners a week.

The commission says Michaels ā€” who claimed repeatedly on his shows he loved helping seniors make money ā€” actually preyed on his clients by frightening them into leaving safe capital markets for far riskier investments.

The panel heard Michaels was paid $5.8 million in fees and commissions for his sales of exempt market securities.

The panel will hear submissions on sanctions at a later time.

We encourage an open exchange of ideas on this story's topic, but we ask you to follow our guidelines for respecting community standards. Personal attacks, inappropriate language, and off-topic comments may be removed, and comment privileges revoked, per our Terms of Use. Please see our FAQ if you have questions or concerns about using Facebook to comment.

You might like ...

Tahltan activists block Red Chris mine site
 
South Okanagan ready to celebrate the grape
 
Rockets look to build on fast start to 2014 WHL season
Okanagan Falls starts work to preserve landmark chimney
 
School rankings dismissed by teachersā€™ union
 
Teams to compete for bragging rights in fire truck pull
City of Kimberley honoured for new bridge over Mark Creek
 
Ready and raring to fight
 
Kids score free tickets to Penticton Vees

Community Events, September 2014

Add an Event

Read the latest eEdition

Browse the print edition page by page, including stories and ads.

Sep 30 edition online now. Browse the archives.