The British Columbia Securities Commission has issued fines to two B.C. residents and two companies that purported to be involved in liquor distribution, the sale of health supplements, door manufacturing and e-cigarette sales, among other things.
Canadian dollars are pictured in Vancouver, B.C. in this file photo. VANCOUVER -- The British Columbia Securities Commission has ordered two B.C. residents and two companies they were involved with to pay a total of $6.3 million for committing fraud through a Ponzi scheme.
The investments were solicited for two companies Bezzasso controlled: Bezzaz Holdings Group Ltd. and Nexus Global Trading Ltd. Fellow Richmond resident Wei Kai Liao, also known as Kevin, worked with Bezzasso to raise the funds, according to the BCSC. Ordering these sanctions, the panel wrote that Bezzasso and his companies had "engaged in a deliberate and extensive fraud which deprived investors of a large portion of their invested funds."
Additionally, the panel banned Bezzasso and his companies, permanently, from trading in or purchasing securities and engaging in investor relations. In its November decision ruling that fraud had occurred, the BCSC panel described struggling to figure out exactly what Bezzasso's companies actually did.
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