The British Columbia Securities Commission (BCSC) has won a victory in a Nevadacourt this week to enforce a $21.7-million order against fraudster Michael Lathigee – the first time a U.S. court has recognized a BCSC order for someone to repay ill-gotten gains.
A BCSC panel found in 2014 that Lathigee, a former Vancouver resident who moved to Las Vegas, fraudulently raised millions of dollars from investors without telling them about the financial condition of companies he controlled. He also used the money to make loans to related companies, instead of investing the funds in foreclosures of residential properties.
In addition to a $15 million administrative penalty and a permanent ban from trading in securities in B.C., the panel ordered Lathigee to pay $21.7 million, representing the amount of money he and Earle Douglas Pasquill obtained from their misconduct.
“We’ve done everything in our power to collect from Michael Lathigee, because if we collect, we can return money to his victims,” said Doug Muir, the BCSC’s Director of Enforcement. “This decision sends a strong message that people can’t just leave the country to avoid the consequences of their wrongdoing.”
In making the order, the Nevada court stated it is “critically important that we maintain our good relations and ties with Canada” by honouring attempts to compensate the victims of securities fraud.
Lathigee has appealed last week’s decision to the Supreme Court of Nevada. The BCSC is working with legal counsel to determine its next steps.
Learn how to protect yourself and become a more informed investor at www.investright.org
SOURCE British Columbia Securities Commission
- Scam alert: Fake calls from police departments demanding bitcoin payment
- Scam: SIN scammers impersonate VicPD Officer
- Millennials account for half of all scam victims, Vancouver police launch NanaSays
- Are you one of the 101 million email accounts compromised via Ebrite, in a 2013 breach identified in 2019?
- BCSC wins in U.S. court to enforce order against fraudster
- Better Business Bureau’s top 10 scams of 2018
- Online dating – know what you’re signing up for
- Cyber fraud affecting businesses in the West Shore
- BC Hydro warns customers about scams after record number of attempts to defraud in 2018
- Crackdown in Mumbai has big impact on CRA tax scam
- Public warning as email-based “sextortion” scams reported
- Pornography scam uses your username and password information to extort bitcoin payment
- Emergency scam with a concerning variation
- New scam strikes with a new slick twist
- RCMP issue reminder that “gifting clouds,” aka pyramid schemes, are illegal
- Business directories: Double-check before writing them a cheque
- Scammers are at it again, this time threatening legal action
- A special prize just for you? Don’t be fooled into believing you are a sweepstakes winner
- March is Fraud Prevention Month: Here are some safety tips
- Fraud awareness: Merchants beware of counterfeit credit cards
- CRA scam prompts warning from detectives
- Don’t fill their wallets with gift cards
- Sooke RCMP issue CRA phone scam alert
- ICBC warning customers of text message scam
- No the CRA won’t tell you to e-Transfer Bitcoin or pay in iTunes cards
- Business e-mail compromise scam prompts warning
- Compromised image extortion trend leads to police warning
- LETTER: Scammed Sooke senior shares this randsomware story
- Envelope theft: Protecting yourself on your special day
- SCAM Reminder: CRA does not do transactions with links!