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

The B.C. Securities Commission alleges William Wade Furman got eight investors to contribute money

A B.C. man is accused of raising nearly half a million dollars from investors for day trading, but instead, spending some of the cash on his own bills, retail purchases and paying back other investors.

The B.C. Securities Commission alleged in a news release Tuesday that William Wade Furman collected $452,000 from eight investors while living in B.C. between 2012 and 2014.

Furman is believed to have raised the money by “falsely claiming that he was a successful, licensed day-trader and that he would use their money to day-trade on their behalf.”

He raised the money through two companies he incorporated, the release said, called Liquidus Holdings Inc. and Liquius Capital Inc.

However, he was never actually registered under the Securities Act. He used half of the money to day-trade, the release said, and used the rest for cash withdrawals, retail and bill purchases and repayments to other investors and himself.

Furman also misled investors by providing fabricated monthly reports that showed how his trades were performing, the release said. Reports were published on the letterhead of a registered investment dealer.

Since 2014, he has repaid a total of $41,150 to the investors involved.

These allegations have not been proven in court.

Furman faces an appointment with the executive director of the commission on April 10 before a date is set for a hearing.


Like us on Facebook and follow us on Twitter.

Just Posted

Rock or BB gun? Ladysmith RCMP probe Mercedes-Benz with shattered window

An investigation by Ladysmith RCMP is no closer to solving how the… Continue reading

Cultural Arts Society considering Chemainus Foods space for a regional arts centre

Vacant building could house traveling art exhibits, accommodate workshops and more

UPDATED: Ladysmith receives federal funding to remove abandoned vessels

Capital Regional District shares in $1.3-million announced by Transport Minister Marc Garneau

Ladysmith committee makes tough decisions in approving $57K in Grants in Aid

Ladysmith’s Municipal Services Committee was handed the tough task on Monday night… Continue reading

WATCH: Vancouver Island man catches dashcam video of near head-on crash

Video shows oncoming van cross over centre line

Canucks snap scoreless streak but fall short in 5-3 loss to Sharks

Swiss forward Timo Meier nets two, including the game-winner, to lead San Jose

4 facts to ring in St. Patrick’s Day

What do you really know about the Irish celebration?

Federal government seeks public feedback on pedestrian safety

What safety measures do you think need to improved for pedestrians and cyclists?

Nanaimo company awarded $33-million Site C contract

F&M Installations Ltd. will build substation for B.C. Hydro megaproject

Experts urging caution as rabbits die by the hundreds in B.C. city

Province of B.C. confirms more positive tests for rabbit haemorrhagic disease

Search continues for 10-year-old Montreal boy missing since Monday

Montreal police said they are exploring every possibility in search for Ariel Jeffrey Kouakou

Airline passenger-rights bill claws back protections for travellers: Advocate

Bill C-49 would double tarmac delays, scrap compensation for flights affected by mechanical failures

Canadian research vessel to explore 19th Century shipwrecks

Commissioned this week in Victoria, the RV David Thompson is Parks Canada’s newest vessel

Most Read