The B.C. Securities Commission has imposed financial sanctions and a market bans on a Surrey pastor, his son, a White Rock resident and three companies they controlled.
According to the BCSC, the trio – Alan and Jerry Braun and Steven Maxwell, who goes by the alias Steven Fassman – took $450,000 from two investors in three separate transactions.
The BCSC detailed the alleged fraud back in October.
"The three men and the companies they controlled deceived the investors by leading them to believe that they were purchasing real estate investments in Edmonton that would yield very high returns in a short period," the BCSC said.
The commission noted that the conduct of the three "was exacerbated by what can only be described as the predatory nature" of their dealings with one of the investors.
Maxwell and Braun have been ordered to pay $120,500 and $323,500 respectively – which the commission alleges was the amount they obtained through fraud.
The panel imposed administrative penalties of $450,000 against Alan, $300,000 against Maxwell and $200,000 against Jerry for their misconduct.
Alan Braun has been permanently barred from acting as a company director or officer, working as a registrant or promoter, serving in a management or consultative capacity in the securities market and engaging in investor relations activities amongst others.
Jerry Braun has been hit with the same sanctions.
Maxwell is permanently barred from acting as a company director or officer, working as a registrant or promoter, serving in a management or consultative capacity in the securities market, engaging in investor relations activities, relying on any of the Securities Act’s exemptions and trading in or buying securities or exchange contracts.
