The commission says Pasquill withdraws about $75,000 annually from the two accounts
The British Columbia Securities Commission says a man behind one of the province’s largest investment frauds has been ordered by the B.C. Supreme Court to use two retirement accounts to pay off a multimillion-dollar fine.
Life income funds are a type of tax-deferred registered account regulated by the federal government that hold pension funds and other assets that can be withdrawn gradually during retirement.It says Pasquill along with Michael Patrick Lathigee, committed fraud while controlling a group of companies under the banner of the Freedom Investment Club that raised money from nearly 700 investors in 2008.
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