A BC Securities Commission (BCSC) panel has fined and ordered a permanent market ban against a man who fraudulently obtained more than $500,000 from four investors.
Adam Keller raised approximately $523,100 from two B.C. and two Alberta investors, claiming that he would execute trades in the foreign exchange market or invest funds in unique investment opportunities on their behalf.
At the time, Keller was the sole director and signing authority for Great White Capital Corp., a company headquartered in West Vancouver.
The panel found that Keller perpetrated a fraud when he lied to investors, provided them with false account summaries, and failed to protect, secure, or return investors’ funds as promised.
Additionally, Keller did not invest the funds solicited from investors, but instead used the funds for personal purposes.
Keller has also been ordered to pay the commission for the $523,100 he obtained, as well as an administrative penalty of $1.6 million. (See: “Trouble” – issue 1117; March 22-29.)
Jennifer Harrison
Twitter: JHarrisonBIV