The British Columbia Securities Commission (BCSC) has issued a notice of hearing alleging that William Wade Furman committed fraud.

The notice alleges that between 2012 and 2014, Furman raised approximately $452,000 from investors through two companies he incorporated. “Furman, who was a B.C. resident at the relevant time, claimed to be a successful, licensed day-trader and told investors he would use their money to day-trade on their behalf,” stated the BCSC in a March 13 announcement.

Alleges that Furman used only half of the money to day-trade

The notice alleges that Furman was never registered under the Securities Act and used only half of the investors' funds to day-trade. “He used the rest of the money for purposes unrelated to trading, including cash withdrawals, payments to himself, repayments to other investors, bill payments, and retail purchases,” said the BCSC.

The notice also alleges that Furman further misled investors by providing fabricated monthly reports showing the purported performance of his trading activities and forged account statements on the letterhead of a registered investment dealer. 

Allegations have not been proven

These allegations have not been proven, underlines the regulator. Counsel for the BCSC’s Executive Director will apply to set dates for a hearing into the allegations before a panel of commissioners on April 10, 2018 at 9 a.m.