Vancouver woman who ran real estate flipping company committed fraud, BCSC alleges
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.
CTVNews.ca Top Stories
'All bets are off' when Parliament resumes, says NDP Leader Jagmeet Singh
NDP Leader Jagmeet Singh says his team is focused on restoring Canadians' 'hope' but when it comes to the new minority dynamics in Parliament, 'all bets are off.'
Tensions mount as clock ticks down on Air Canada contract talks
Tensions are mounting as a potential pilot strike or lockout at Canada's largest airline is only days away with no signs of a breakthrough in talks.
LIVE NOW Consul general to New York answering questions over $9M luxury condo purchase
After weeks of pressure, Canada's consul general Tom Clark is testifying on Thursday before a House of Commons committee about the purchase of his new official residence in New York that generated a lot of political attention over the summer.
Canada Bread says Maple Leaf used it as 'shield' in bread price-fixing case
Canada Bread is accusing Maple Leaf Foods of using it as a 'shield' to avoid liability in the alleged bread price-fixing scheme that's the subject of two class-action lawsuits and an ongoing Competition Bureau investigation.
Here's what you need to know about your rights ahead of a possible Air Canada strike, according to a passenger advocate
While Air Canada has shared advice for travellers ahead of a possible pilots strike, an airline passenger rights advocate has more tips for Canadians who may be affected.
PM, senior security officials slated to return to foreign interference inquiry
Prime Minister Justin Trudeau and members of his inner circle are slated to return to a federal inquiry into foreign interference in coming weeks.
Investigators say teen smuggled assault rifle into Georgia school in backpack before shooting
The student accused of killing four people in a Georgia high school shooting rode the school bus that morning with a semiautomatic assault rifle concealed in his backpack, investigators confirmed Thursday.
Sony unveils faster, more powerful PlayStation 5 Pro. And it comes with a price tag to match
After years of speculation and hype, Sony will be launching an upgraded version of its popular PlayStation 5 at the console’s highest ever price.
Many Canadians believe the country’s two biggest political parties have moved towards fringes: survey
Some Canadians believe they've become 'political orphans' as all the major parties have become 'too extreme' in their views, according to a new survey by Angus Reid Institute.