Developers penalized after losing $3.6 million in illegally raised securities
VANCOUVER – The B.C. Securities Commission has fined and issued bans for two real estate developers for illegally distributing securities.
A panel found that between 2006 and 2010, Michael Knight and Jeffrey Wiegel raised $3.6 million selling securities without a prospectus and without being registered.
That money is gone — the commission says many individual investors lost $50,000 to $100,000 each.
Knight has been ordered to pay a $300,000 penalty and is permanently banned from trading in securities, being a corporate officer, working in investor relations or acting in any capacity in the securities market.
Wiegel faces a $100,000 fine and a 10-year ban on being a corporate officer or doing anything in connection with the securities market.
Both have been ordered to pay back the millions they raised and lost.
News from © The Canadian Press, . All rights reserved.
This material may not be published, broadcast, rewritten or redistributed.
Join the Conversation!
Want to share your thoughts, add context, or connect with others in your community? Create a free account to comment on stories, ask questions, and join meaningful discussions on our new site.
Leave a Reply
You must be logged in to post a comment.