Vancouver man charged for allegedly withdrawing funds from 'frozen' accounts, regulator says
A Vancouver man who owes money to the B.C. Securities Commission has been criminally charged for allegedly withdrawing funds from accounts that were subject to a "freeze order."
Scott Thomas Low is charged with failing to comply with a decision made under the provincial Securities Act, the BCSC announced in a statement Tuesday.
The allegations against him have not been proven. The 74-year-old is scheduled to make his first appearance in Vancouver provincial court on May 23.
The BCSC alleges that, in 2018, Low withdrew funds from bank accounts that were subject to a "freeze order," now known as a preservation order. Such orders prohibit the transfer of property – including money, physical property or investments – so that such property is available to pay any financial sanctions the regulator imposes for misconduct.
The charge was laid against Low after an investigation by the BCSC's criminal investigations branch. If found guilty, Low could face penalties including fines, imprisonment, probation and restitution orders, according to the BCSC.
The securities commission did not say why the freeze order was made against Low in the first place, nor what types of accounts he was ordered to preserve.
Low was one of three men and several companies penalized in a 2020 decision by a panel of the BCSC.
That decision names Low and Aik Guan “Frankie” Lim as co-founders of FS Financial Strategies and the other companies, known collectively as the FS Group.
In the decision, Lim, Low and the FS Group admitted to raising more than $47 million from 389 investors without disclosing that the company wasn't profitable and was covering its shortfalls by raising more money from investors.
For this misconduct, the panel imposed lifetime financial market bans on Lim and Low, ordered FS Group to pay $32.8 million, and ordered the co-founders to pay $2 million each in penalties.
With files from The Canadian Press
CTVNews.ca Top Stories
BREAKING NEWS 'A horrible way to start the summer': 3 killed in serious boat crash on lake north of Kingston, Ont.
Three people were killed and five others were injured Saturday night following a boat crash on the Buck Bay area of Bobs Lake, north of Kingston, Ont., the Ontario Provincial Police (OPP) said.
Diddy admits beating ex-girlfriend Cassie, says he's sorry, calls his actions 'inexcusable'
Sean "Diddy" Combs admitted Sunday that he beat his ex-girlfriend in a hotel hallway in 2016 after CNN released video of the attack, saying in a video apology he was "truly sorry" and his actions were "inexcusable."
Ottawa driver who appeared to be racing another vehicle on Highway 416 facing charges
The Ontario Provincial Police (OPP) says an Ottawa driver is facing charges after being caught going 187 km/h on Highway 416.
Signs of Alzheimer’s were everywhere. Then his brain improved
Blood biomarkers of telltale signs of early Alzheimer’s disease in the brain of his patient, 55-year-old entrepreneur Simon Nicholls, had all but disappeared in a mere 14 months.
Residents evacuated after threats made to residence in Fall River, N.S.
Nova Scotia RCMP are warning the public to avoid the area around Canterbury Lane in Fall River after a threat was made at a residence.
The secret Italian lakes that most tourists don't know about
Italy has dozens of secret smaller lakes that boast superb scenery, unknown to mass tourism, where locals get together on day trips and enjoy picnics.
Canadian immigration asks medical worker fleeing Gaza if he treated Hamas fighters
Lawyers are questioning Canada’s approach to screening visa applications for people in Gaza with extended family in Canada after one applicant, a medical worker, was asked whether he had treated members of Hamas.
Walmart, Costco refusing to sign grocery code of conduct 'untenable': industry minister
Industry Minister Francois-Philippe Champagne says it's 'untenable' for 'smaller players' like Walmart and Costco to delay signing on to the government- and industry-led grocery code of conduct, now that industry giant Loblaw has agreed to do so.
Helicopter carrying Iran's president suffers a 'hard landing,' state TV says, and rescue is underway
A helicopter carrying Iranian President Ebrahim Raisi suffered a "hard landing" on Sunday, Iranian state media reported, without elaborating. Some began urging the public to pray for Raisi and the others on board as rescue crews sped through a misty, rural forest where his helicopter was believed to be.