A Vancouver man who claims to be a film producer has been handed a $35,000 fine and a lifetime ban in securities trading by the BC Securities Commission (BCSC).
Paul Lester Stiles earned the ban following an investigation and subsequent hearing by the BCSC.
Stiles had been soliciting investments in his company, Velocity Entertainment Inc., on Craigslist, according to the BCSC.
A BCSC panel found that between 2009 and 2012, Stiles advertised that he could provide investors with returns ranging from 12% in one year, and as much as to 100% within six months.
Velocity was dissolved in 2005, the BCSC said in a press release, and has never filed a prospectus in B.C.
The BCSC first became aware of the Craigslist solicitations in 2009, when it warned Stiles that he was in breach of securities law.
In 2011, the BCSC became aware that Stiles was again soliciting investments on Craigslist.
A BCSC investigator posing as a potential investor contacted Stiles, who told the investigator he was raising money for two feature films, and in the process made a number of claims the BCSC said were false.
BCSC investigators told a recent hearing panel that Stiles had “contempt” for the B.C. securities system and gave the opinion that he would continue to try to defraud potential investors.
Stiles has been ordered to pay a $35,000 fine and is permanently banned from trading in securities or acting as a director or officer of any stock issuer. He is also permanently banned from engaging in investor relations.
Stiles’ LinkedIn page states he is the president of Velocity Entertainment Inc. and claims in his profile to be a writer and producer.
