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

Nanaimo-Ladysmith MP visits Wet’suwet’en camps, calls for Coastal GasLink pipeline to be ‘revisited’

Paul Manly met with Wet’suwet’en hereditary chiefs and the RCMP to talk about the ongoing situation

BREAKING: LSS evacuated after reports of ‘gas smell’

Students were evacuated to Frank Jameson Community Centre, but have since returned to class

Ladysmith Art Council announces new Poet in Residence

John Edwards will serve as the inaugural Poet in Residence

‘Snowmaggedon 2020’ has passed, but 20-30 milimetres of rain expected Friday

Residents should brace for rain and clear drains to prevent localized flooding

What happens in the Cowichan Valley when an earthquake strikes

When an earthquake does happen, will the Cowichan Valley be ready for it?

Anti-pipeline protests in support of Wet’suwet’en continue at B.C. government buildings

‘We are unarmed, they have guns,’ protesters chanted on Wednesday morning

Horgan unveils B.C. cabinet shuffle changes

Premier John Horgan has made three major changes to his cabinet

Advocates call hospital parking fees a ‘shakedown’ after learning most Island tickets are waived

Victoria General and Royal Jubilee hospitals among the most ticketed on the Island

Dog reunited with Tofino owner, months after being taken from beach

Shannon Boothman ‘ecstatic’ at pet’s return after a tip leads to social media search

B.C.’s first ride-hailing app to launch in Tofino, Whistler in February

The Whistle! app will be available in Tofino on Feb.1 and in Whistler Feb. 6.

Councillor resigns in Revelstoke after colleagues approved 67% raise

Council approved a 134 per cent raise for the mayor of Revelstoke

Rolled-over dairy truck in Abbotsford lost 40,000 litres of milk

Truck removed Sunday, Jan. 19, with specialized equipment to upright vehicle

Boy, 13, arrested after alleged assault involving girl at B.C. middle school

Boy alleged to have used ‘inappropriate levels of force’ to injure the girl

B.C. premier talks forestry, service needs with handful of northern mayors in Prince George

Prince George meeting completes premier’s tour of Kitimat, Terrace, Fort St. James and Quesnel

Most Read