The photo violation technology (PVT) parking meter is being pitched by a Vancouver company as the next great innovation in parking enforcement. It even managed to get the invention into the TV show CSI Miami.
But last week shareholders protested in front of PVT's headquarters, insisting they have invested millions and have no idea where the money has gone.
Now the B.C. Securities Commission (BCSC) is investigating.
CTV's Peter Grainger asked what happens when big promises are made to shareholders and the money disappears.
"The biggest mistakes most people make when buying any investment is that they don't know the people who are selling to them well enough," says BCSC's Martin Eady.
Related article: Investors claim big losses in parking invention
CTV News has learned more about PVT.
On the company's web site, CEO Fred Mitscheles says he's got 20 years of success in the parking industry. But nowhere does it mention he went bankrupt in 1996.
And last year, PVT was mentioned in Time Magazine, but the photo meter is just a small mention in the article. On PVT's website the image has been blown up and moved, giving the impression that the photo meter is a big deal.
"If a company wants to raise money from you, you should ask for financial statements," says Eady. "If the company is insolvent the financials will reflect that."
There's also concern about PVT's financial reporting. Although it's been in business for four years, it was only last May that PVT finally filed audited financials.
They show $5 million spent on operating expenses but there's no detail. The Securities Commission says this should be a red flag for investors.
"Pick up the phone yourself and look into it," says Eady. "It is possible to look into the background and some of the claims some of these people make."
PVT is promising an interview with CEO Fred Mitschele, although they insist right now he's out of town.
BC Securities say it is taking the shareholders complaints seriously, yet you can still buy PVT shares online.
With a report from CTV British Columbia's Peter Grainger