A Surrey man found guilty of bilking more than 100 people out of millions of dollars in part of an elaborate Ponzi scheme has been ordered to pay $15-million.

Earlier this year, a panel from the British Columbia Securities Commission (BCSC) ruled that Thomas Arthur Williams and his group of companies fraudulently raised $11.7-million through the scheme from 123 investors between February 2007 and April 2010.

The commission said Williams used "finders" to introduce investors to a company called the Global Group of Companies, and paid out financial commissions to find new people who would invest.

“The scope of the fraudulent conduct in this case in terms of the number of investors, the amount of money raised from investors and the extent of the deceit visited on investors was extremely significant,” the panel said in a statement.

A notice posted to the BCSC website says Williams promised returns of at least two per cent interest per month, and told investors that their profits would be shielded from securities laws.

But Williams was dealing with individuals and companies connected to people with a history of security fraud, according to the panel, and he did not tell investors about their fraudulent background.

He also failed to receive any returns or principal from any of the investments he made, the panel ruled.

"Williams did not inform his investors that none of his investments produced any returns, but rather continued to raise more money from investors, provided monthly statements showing fictitious returns of up to four per cent on their investments and paid interest and principal payments to some investors from other investors' money," the commission said.

The BCSC announced Tuesday Williams must pay a $15-million penalty, and he is permanently banned from trading or purchasing any securities.

The commission has the power to collect money by freezing bank accounts and putting liens on registered properties.

But Director of Enforcement Peter Brady admits collecting money may be impossible.

"Unfortunately in fraud cases we deal with you can't get blood from a stone," he said. "It's been spent or lost on bad investments."

With a whopping $420-million in outstanding penalties owed, the BCSC has only been able to collect $1.8-million in the past three years.  

Mounties told CTV Vancouver that they were looking into Williams five years ago, but no criminal charges have been laid.

"I'm actually shocked," victim Scott Cumming said. "Right now in my mind he's getting off scot free."

The commission, an independent government agency that regulates capital markets, said sanctions would be issued against four people who acted as finders in the operation: Susan Grace Nemeth, Renee Michelle Penko, Irene G. Beilstein and Dennis Carl Weigel.

All four have been ordered to pay administrative penalties and are banned from trading or purchasing securities.