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
'It was hell': Israeli mother held hostage with her children describes 51 days in captivity
Hagar Brodutch, her three children and four-year-old neighbour were kidnapped by Hamas-led militants from their home in Kfar Aza, Israel on Oct. 7 and held for 51 days. They were released in November, but Brodutch says her thoughts are never far from those still being held in Gaza.
BREAKING Teen dies after being hit by train in N.W. Calgary
A teenager has died after being hit by a train in northwest Calgary on Tuesday afternoon.
'Unruly passenger' forces WestJet flight to make emergency landing in B.C.
A WestJet flight heading to Calgary had to make an emergency landing in northern B.C. Monday due to an incident involving an 'unruly passenger,' Mounties say.
New COVID-19 subvariants become the dominant strains in Canada
More than four years after COVID-19 effectively shut down the world, two new variants of COVID-19 have become the dominant strains of the novel coronavirus in Canada.
'It's his vacation too': Jimmy the baby goat joins 2-week road trip across Canada
After Jimmy the baby goat was shunned by his mother, a New Brunswick man took the kid on a two-week road trip across Canada.
The double-level airplane seat is back. This time, there’s a first-class version
It’s the airplane seat design that launched a thousand memes and kickstarted a media storm. And now the double-level seat is back – only this time, with a twist.
Widespread theft costing Canada's retail industry dearly: experts
The Retail Council of Canada wants to put a stop to widespread theft within the retail industry, and industry leaders are meeting this week to find solutions.
Former South Dakota mayor charged with triple homicide
Three people were shot to death in a small South Dakota town, and a former law officer who once served as the town's mayor is charged in the killings.
Debunking the 'anti-sunscreen' movement: Doctors say TikTok trend is dangerous
Dermatologists are sounding the alarm about misinformation from the anti-sunscreen movement, saying not wearing sunscreen can cause cancer and other problems.