VANCOUVER -- Four men are being accused of insider trading and or misconduct in their connection to a $50 million business scheme, says B.C.’s financial watchdog.

The British Columbia Securities Commission alleges that the men, who directed six B.C. companies, participated in a business scheme that raised $50.8 million and did so in a way that was “contrary to the public interest.”

“Some of them committed insider trading and one of them failed to file reports required by securities laws,” reads a news release from the BCSC.

The respondents are Justin Edgar Liu and Anthony Kevin Jackson of West Vancouver, Cameron Robert Paddock of North Vancouver, and Robert John Lawrence of Vancouver.

The alleged scheme happened between Feb. and Aug. 2018, when the men and their companies are said to have raised the money through 12 “private placements.”

“The issuers kept only a small portion of those funds. They paid most of the remaining funds to consultants as prepaid consultant fees, despite the fact that little or no consulting work was done to warrant those fees,” reads the BCSC statement.

“Some of the consultants purchased shares of the issuers through a consultant exemption, so as a result, they could sell them immediately without a hold period,” it continues.

The six companies where the men acted as directors, are also named as respondents in the allegations: Lukor Capital Corp., Asiatic Management Consultants Ltd., BridgeMark Financial Corp., Jackson & Company Professional Corp., Rockshore Advisors Ltd. and Tavistock Capital Corp.

Three of the men, Lui, Jackson and Paddock are also accused of insider trading, along with the companies Lukor, BridgeMark, Tavistock and Rockshore. Liu is also accused of failing to file necessary financial documents in his business dealings.

The allegations, which have not been proven, and will be heard on July 14, 2021 by the BCSC.