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BCSC alleges fraud, illegal distribution and obstruction of justice by B.C. resident and company

·2 min read

VANCOUVER, BC, June 8, 2022 /CNW/ - The British Columbia Securities Commission (BCSC) has alleged that a B.C. resident and the company she controlled committed fraud, illegally distributed securities, and obstructed justice.

Cherie Evangeline White was the sole director and officer of KingdomInvestments2015 Inc., which was formerly known as KingdomRealty Inc. and Kingdom Investments Inc. Kingdom2015 represented itself as a real estate investment company that generated high returns for investors from the "fixing and flipping" and the "buying and holding" of properties.

In 2017 and 2018, White and Kingdom2015 told nine investors that their funds would be used for investment in B.C. real estate and would generate high returns. Instead, they fraudulently used approximately $176,000 of their funds to repay other investors and a personal loan. In August 2018, they raised an additional $100,000 from two investors without telling them that the company was defaulting on payments to other investors.

Between 2016 and 2019, White and Kingdom raised approximately $1.25 million from 24 investors by distributing securities without a prospectus, and without using a prospectus exemption.

The BCSC alleges that White, as the sole director and officer of Kingdom2015, authorized, permitted or acquiesced in the company's fraud and illegal distributions.

In addition, White refused to provide documents and information demanded by BCSC staff during a compelled interview, saying it was "a waste of my time," which is an obstruction of justice under B.C.'s Securities Act.

The BCSC's allegations have not been proven. The commission has asked the parties to appear at the BCSC's offices on July 14, 2022 if they wish to be heard before the Commission schedules a hearing.

About the British Columbia Securities Commission (www.bcsc.bc.ca)

The British Columbia Securities Commission is the independent provincial government agency responsible for regulating capital markets in British Columbia through the administration of the Securities Act. Our mission is to protect and promote the public interest by fostering:

  • A securities market that is fair and warrants public confidence

  • A dynamic and competitive securities industry that provides investment opportunities and access to capital

Learn how to protect yourself and become a more informed investor at www.investright.org

SOURCE British Columbia Securities Commission

Cision
Cision

View original content: http://www.newswire.ca/en/releases/archive/June2022/08/c4589.html