An Alberta man is being alleged to have committed nearly $5 million in fraud and made false statements under oath.
The B.C. Securities Commission (BCSC) said the man at the time of the alleged misconduct lived in Comox and raised $4.6 million from dozens of investors between 2021 and 2024, saying the funds would be used to invest in cryptocurrency trading bots.
“Instead, the man allegedly used the funds on items and expenses unrelated to the proposes of the investments, including travel, jewelry, luxury goods, vehicles, transfers to his family and cash withdrawals,” said the BCSC in a news release.
Investors were told they could purportedly invest in a bot that would trade for a specific time period and they would receive their profits at the end of that time.
The man received investors’ funds directly and through an Australian resident, who collected funds from a group of investors and forwarded them to him to invest.
The BCSC alleges that doing so, the man committed fraud under the B.C. Securities Act and also alleges the man provided false statements to investigators under oath about the following claims:
- The movement of funds from investors
- Another person telling him what to say to investors
- His cousin being the person who coded the bots
- Having accounts or a line of credit at Silicon Valley Bank
The BCSC is requiring the respondent or his counsel to appear at the BCSC’s offices on Sept. 15, 2026, if he wishes to be heard before a hearing is scheduled.
The allegations have not been proven.
