Vancouver man charged for allegedly withdrawing funds from 'frozen' accounts, regulator says
A Vancouver man who owes money to the B.C. Securities Commission has been criminally charged for allegedly withdrawing funds from accounts that were subject to a "freeze order."
Scott Thomas Low is charged with failing to comply with a decision made under the provincial Securities Act, the BCSC announced in a statement Tuesday.
The allegations against him have not been proven. The 74-year-old is scheduled to make his first appearance in Vancouver provincial court on May 23.
The BCSC alleges that, in 2018, Low withdrew funds from bank accounts that were subject to a "freeze order," now known as a preservation order. Such orders prohibit the transfer of property – including money, physical property or investments – so that such property is available to pay any financial sanctions the regulator imposes for misconduct.
The charge was laid against Low after an investigation by the BCSC's criminal investigations branch. If found guilty, Low could face penalties including fines, imprisonment, probation and restitution orders, according to the BCSC.
The securities commission did not say why the freeze order was made against Low in the first place, nor what types of accounts he was ordered to preserve.
Low was one of three men and several companies penalized in a 2020 decision by a panel of the BCSC.
That decision names Low and Aik Guan “Frankie” Lim as co-founders of FS Financial Strategies and the other companies, known collectively as the FS Group.
In the decision, Lim, Low and the FS Group admitted to raising more than $47 million from 389 investors without disclosing that the company wasn't profitable and was covering its shortfalls by raising more money from investors.
For this misconduct, the panel imposed lifetime financial market bans on Lim and Low, ordered FS Group to pay $32.8 million, and ordered the co-founders to pay $2 million each in penalties.
With files from The Canadian Press
CTVNews.ca Top Stories
PWHL Minnesota defeats Boston to win inaugural Walter Cup
Minnesota won the inaugural championship of the Professional Women’s Hockey League on Wednesday night, getting 17 saves from Nicole Hensley to beat Boston 3-0 in a winner-take-all Game 5 and claim the Walter Cup.
Canadians are eyeing moves to these cities for more affordable housing
Faced with elevated housing prices, half of Canadians in the country's largest cities are considering moving to places with more affordable housing.
B.C. mortgage broker ran $270-million Ponzi scheme, then fled Canada, bankruptcy trustee says
The trustee appointed to manage the bankruptcies of a Victoria mortgage company and its owner has concluded that they committed "numerous offences" and operated as a "massive Ponzi scheme."
Oilers rally to beat Stars, tie Western Conference Final
With the Edmonton Oilers down two goals late in the first period of Game 4, Rogers Place was quiet, fans seemingly bewildered at the early, quick scoring of the Dallas Stars and the slow start by the home team. Ryan McLeod's marker with six-and-a-half minutes in the opening frame left changed all that.
McDonald's says $18 Big Mac meal was an 'exception' and their prices haven't risen that much
McDonald’s is fighting back against viral tweets and media reports that it says have exaggerated its price increases.
'Targeted again': Montreal police investigate after gunshot fired at Jewish school
Police are investigating another building in Montreal's community was struck by gunfire.
Tessa Virtue reveals she's expecting her first child. Here's what Canadians had to say
Canadian figure-skating icon Tessa Virtue is expecting her first child, she revealed via social media Tuesday.
Poilievre says Canadians 'fleeing' to Nicaragua, Liberals say it shows he 'doesn't have a clue'
Liberal parliamentarians are criticizing Conservative Leader Pierre Poilievre over a new video in which he promotes the idea that some Canadians are 'fleeing' Canada to live in Nicaragua because they can't afford a house in this country.
'Do not drive': Nissan warns Canadian drivers of explosion risk impacting 48,000 vehicles
Car manufacturer Nissan has issued a do-not-drive warning for some older vehicles equipped with Takata airbag inflators, due to the risk of explosion during a crash.