A man who allegedly perpetrated what has been called "one of the most callous and audacious frauds" ever seen in British Columbia has waived his right to an extradition hearing after being arrested in the United States.
Ian Thow faces 25 charges of fraud in British Columbia for allegedly bilking dozens of people out of about $10 million.
He was arrested last month by U.S. Marshals as he left his Portland, Oregon condominium to go jogging.
Before leaving Canada in 2005, Thow allegedly convinced investors to buy securities that didn't exist and put the money in his personal account to finance a lavish lifestyle.
"He has waived his right to an extradition hearing, meaning that he is not appealing the extradition," said Acting Sgt. Sammy Wu with the Vancouver Integrated Market Enforcement Team, or IMET. "So we are currently just in the process of arranging with the American authorities to bring him back to Canada."
Thow was arrested on information provided by IMET and the RCMP.
Wu said it hasn't yet been determined where or when Thow will be taken into custody, but said it could be within days.
In December 2007, the B.C. Securities Commission imposed its largest ever fine against Thow and banned him from the securities industry after it ruled he used clients' money for luxury cars, a yacht and a personal business jet.
"This case represents one of the most callous and audacious frauds this province has seen," the commission said when it imposed the penalty.
Before imposing the sentence the regulator ruled that Thow, who was senior vice-president with Berkshire Investment Group Inc., took millions from dozens, perhaps hundreds of investors in B.C. and Alberta.
Thow's lawyer took the case to the B.C. Court of Appeal, arguing that because Thow's contraventions dated back to 1996 the commission only had the right to impose the maximum penalty at the time.
The court overturned the $6 million fine and substituted a penalty of $250,000.
