B.C. man accused of misrepresenting himself as investment advisor, accepting $231K in payments
A B.C. man is facing accusations that he misrepresented himself as an investment advisor to dozens of people over the course of two years, charging them $231,000 in fees in the process.
The B.C. Securities Commission says David Andrew Schramm was not registered under the Securities Act when he purchased and sold securities for 29 people—10 of whom he acted as an advisor to as well.
He allegedly did so from 2017 and 2019.
“During that period, the clients paid Schramm about $231,000 for trading and advising services,” the BCSC said in a statement Thursday.
Schramm is accused of conducting about 283 fraudulent trades in multiple clients’ accounts.
Under the Securities Act, the BCSC says Schramm hasn’t been an investment advisor since 1996 and was last listed as a representative restricted to mutual fund securities in 2004.
The BCSC’s allegations have not been proven in court.
According to the statement, Schramm has until May 30 to appear at the BCSC’s offices if he wants to be heard before an official hearing is scheduled.
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