A 54-year-old Parksville man was arrested Monday, Oct. 16, in connection to the fraudulent use of more than half a million dollars from investors.
In a news release, the British Columbia Securities Commission said the man allegedly solicited more than $500,000 from two B.C. investors from 2014 to 2016, for use in various business ventures.
“Rather than use the money as promised, it is alleged (the man) spent the bulk on his personal expenses,” reads the news release.
The man has been charged with two counts of fraud over $5,000 and two counts of theft over $5,000.
Quesnel and Oceanside RCMP, and Victoria police were thanked in the news release for their assistance in the investigation and the suspect’s arrest.
— B.C. Securities Commission