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

Crews building structure at former Summerland train station site

West Summerland Station will pay tribute to railway history, serve as trail marker

$30,000 over 30 weeks for local causes

Send us your good stories and you could win money for your favourite cause

Additional Penticton washrooms open in time for weekend

Washrooms at Riverside, Skaha Lake Park, Okanagan Lake Park, more, now open

Tap Truck Okanagan launches as first location in Canada

The business is built on a restored 1957 Chevy panel van and ready to serve craft beer on tap, wine or cider

First day back; attending elementary school amid COVID-19

“… Social connections are certainly important for kids,” said Carmi principal Dave Ritchie.

VIDEO: B.C. dentist gets grand welcome home after two months in hospital fighting COVID-19

Michael Chow was given a surprise send off by hospital staff and ‘welcome home’ from neighbours

‘Like finding a needle in a haystack’: Ancient arrowhead discovered near Williams Lake

The artifact is believed to be from the Nesikip period between 7,500 BP to 6,000 BP

Indigenous families say their loved ones’ deaths in custody are part of pattern

Nora Martin joins other Indigenous families in calling for a significant shift in policing

Friends, family mourn Salt Spring Island woman killed in suspected murder-suicide

A GoFundMe campaign has been launched for Jennifer Quesnel’s three sons

PHOTOS: Anti-racism protesters gather in communities across B.C.

More protests are expected through the weekend

Indigenous chief alleges RCMP beat him during arrest that began over expired licence plate

Athabasca Chipewyan Chief Allan Adam calling for independent investigation

‘I’m pissed, I’m outraged’: Federal minister calls out police violence against Indigenous people

Indigenous Minister Marc Miller spoke on recent incidents, including fatal shooting of a B.C. woman

UPDATED: Pair accused of ‘horrific’ assault at Vancouver’s Oppenheimer Park arrested

Police say Jason Tapp, 30, and Nicole Edwards, 33, did not show up to meet their bail supervisor this week

Most Read