{"id":16916,"date":"2019-09-23T20:07:04","date_gmt":"2019-09-24T00:07:04","guid":{"rendered":"https:\/\/insurance-journal.ca\/article\/bcsc-imposes-17-million-fine-and-bans-three-from-trading\/"},"modified":"2019-09-23T20:07:04","modified_gmt":"2019-09-24T00:07:04","slug":"bcsc-imposes-1-7-million-fine-and-bans-three-from-trading","status":"publish","type":"post","link":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/2019\/09\/23\/bcsc-imposes-1-7-million-fine-and-bans-three-from-trading\/","title":{"rendered":"BCSC imposes $1.7 million fine and bans three from trading"},"content":{"rendered":"\n<div><img decoding=\"async\" src=\"http:\/\/insurance-journal.ca\/media\/photologue\/photos\/banned_stamp.png\" class=\"ff-og-image-inserted\"><\/div>\n<p>The <strong>British Columbia Securities Commission<\/strong> has imposed a total of&nbsp;$1.7 million&nbsp;of financial sanctions on&nbsp;three B.C. men and two mortgage investment companies after finding they committed fraud.<\/p>\n<p><strong>Patrick K. Prinster<\/strong>&nbsp;and&nbsp;<strong>David Scott Wright<\/strong>&nbsp;were each ordered to pay&nbsp;$250,000. <strong>Donald Bruce<\/strong> Edward Wilson&nbsp;was ordered to pay&nbsp;$150,000&nbsp;for diverting investors&#8217; funds from mortgages secured by real estate, which was the purpose described in marketing materials.<\/p>\n<p>The panel also permanently banned the three from trading in or purchasing securities or exchange contracts, becoming a registrant or promoter, acting in a consultative capacity in the securities market and engaging in investor relations.<\/p>\n<h5>Three were warned many times<\/h5>\n<p>The panel said the three diverted the funds and carried out their misconduct &#8220;despite warnings and concerns expressed to them from multiple sources.&#8221;<\/p>\n<p>The panel imposed financial sanctions of&nbsp;more than $560,000&nbsp;on <strong>DominionGrand II Mortgage Investment Corporation<\/strong>, and&nbsp;just over $500,000&nbsp;on <strong>DominionGrand Investment Fund Inc.<\/strong><\/p>\n<p>Almost all of the&nbsp;$1.1 million&nbsp;raised from investors was lost, though the panel did not find evidence that Prinster, Wright or Wilson had been personally enriched by the diversion of investments.<\/p>\n<p> <a href=\"https:\/\/insurance-journal.ca\/article\/bcsc-imposes-17-million-fine-and-bans-three-from-trading\/\">Read the original article at insurance-journal.ca <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The British Columbia Securities Commission has imposed a total of&nbsp;$1.7 million&nbsp;of financial sanctions on&nbsp;three B.C. men and two mortgage investment companies after finding they committed fraud. Patrick K. Prinster&nbsp;and&nbsp;David Scott Wright&nbsp;were each ordered to&#46;&#46;&#46;<\/p>\n","protected":false},"author":578,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/16916"}],"collection":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/users\/578"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/comments?post=16916"}],"version-history":[{"count":0,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/16916\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=16916"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=16916"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=16916"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}