Vancouver woman who ran real estate flipping company committed fraud, BCSC alleges
The Burrard Bridge and Granville Street Bridge are seen from the air in June 2019. (Pete Cline / CTV News Vancouver)
British Columbia's financial markets regulator has leveled allegations of fraud, illegal distribution of securities and obstruction of justice against a Vancouver woman and the real estate company she controlled.
The allegations against Cherie Evangeline White and her company KingdomInvestments2015 Inc. have not been proven. The British Columbia Securities Commission will schedule a hearing on the case next month.
According to the BCSC, White was the sole director and officer of the company, which was formerly known as KingdomRealty Inc. and Kingdom Investments Inc.
The company presented itself as "a real estate investment company that generated high returns for investors from the 'fixing and flipping' and the 'buying and holding' of properties," the BCSC said in a news release.
The commission alleges that, in 2017 and 2018, White and her company used approximately $176,000 from nine investors to repay other investors and pay back a personal loan. This, despite allegedly telling the investors their money would be used to invest in real estate.
The BCSC also alleges that White and her company raised an additional $100,000 from two investors in August 2018 without telling them that the company was defaulting on its payments to other investors.
These two actions constituted fraud, according to the BCSC.
The illegal distribution allegation comes from roughly $1.25 million White and her company raised from 24 investors between 2016 and 2019. Those investors were sold securities without a prospectus, the commission alleges, adding that White and Kingdom had not secured a prospectus exemption.
The obstruction of justice allegation stems from White's refusal to provide documents to BCSC staff during a compelled interview in December 2020, the commission said, alleging that White told investigators providing such documents would be "a waste of (her) time."
The BCSC has asked White to appear at its offices on July 14 if she wishes to be heard before the commission schedules a hearing.
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