Achi news desk-
A BC resident has been ordered to pay over $600,000 after committing fraud through a real estate scheme.
The BC Securities Commission (BCSC) has ordered Cherie Evangeline White and her company Kingdom Investments to pay $626,000 in financial sanctions.
In a press release on Monday, the BCSC described the fraud as “consistent with a Ponzi scheme.”
White told investors that they would get a 10 to 30 percent return on their investments after about six months and that the houses they invested in would be provided to those in need, including people who’ n trapped, according to the BCSC.
But instead, he used the money to buy residential properties and then flipped them for a profit, money he then used to pay back earlier investors, the BCSC said.
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She often used her faith to attract investors by contacting them on spiritual values ​​and using imagery related to faith, according to the commission.
White also created a sense of urgency for investors, and in one case accompanied an investor to the bank to ensure they invested. Bank staff told the individual not to invest, but convinced him anyway, according to the BCSC.
Kingdom Investments distributed a total of over $1 million in securities to 24 different investors without proper documentation and details of those investments. Investors suffered losses of about $776,000 as a result of the “fraud and illegal distribution,” the commission said.
The BCSC said White obstructed justice by failing to provide documents and information requested by the BCSC. She also said that she and her company had not shown remorse for their actions or acknowledged the damage they had caused.
She has been banned from participating in the BC investment market unless she is the one investing in a company. Her company was banned from trading its shares or promoting the business.
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The post BC woman ordered to pay over half a million dollars over real estate ‘Ponzi scheme’ – Global News appeared first on Canada News Media.
