BSCS has fined $6.8 million Thomas Arthur Williams and the Global Group of Companies for committing fraudulent scheme. Also, they were banned from performing any activities, related to the securities market. After another fraud banned by BCSC, are you sure in the reliability of your broker?
August 24, AtoZForex – As with most other regulators around the world, the British Columbia Securities Commission (BCSC) is becoming progressively more cautious about activities of so called Forex and binary options brokers in its jurisdiction. Just yesterday, BSCS panel has issued financial sanctions and market bans against Thomas Arthur Williams and his group of companies for fraud and other illegal activities. Moreover, the panel has also issued sanctions for illegal distributions against a number of the other Willams’s helpers.
Thomas Arthur Williams fraud banned by BCSC
What is more, Thomas Arthur Williams was formerly registered with BSCS, as he was in charge of the following entities: Global Wealth Creation Opportunities Inc., Global Wealth Creation Opportunities Inc. (Belize), Global Wealth Financial Inc., Global Wealth Creation Strategies Inc., CDN Global Wealth Creation Club RW-TW, and 2002 Concepts Inc. Jointly, these entities are the Global Group of Companies.
Going a little back in the story, in January 2016, the BSCS panel has found that Williams and the Global Group of Companies carried out a fraudulent Ponzi scheme. As it appears, they have raised almost $11.7 million from at least 123 investors in the period from February 2007 to April 2010. Additionally, the panel has found that Thomas Arthur Williams has violated securities laws in relation to prospectus and registration requirements. Mr. Williams was performing the illegal activities with the help of several other finders, namely Susan Grace Nemeth, Renee Michelle Penko, Irene G. Beilstein and Dennis Carl Weigel.
The BSCS panel has commented on the Williams’ and the Global Group of Companies’ committed fraud, saying:
"The scope of the fraudulent conduct in this case in terms of the number of investors, the amount of money raised from investors and the extent of the deceit visited on investors was extremely significant."
Punishment for Williams and the Global Group of Companies?
Thomas Arthur Williams has been ordered to pay an administrative fine of $15 million to the BSCS. The BSCS panel also demanded that he resign any position he currently holds. Mr. Williams is also permanently prohibited becoming or acting as a director or officer of any issuer/registrant. BSCS has also banned him from trading or buying any securities, becoming or acting as a promoter/registrant, acting in a management or consultative capacity in the securities market, and engaging in investor relations activities.
Collectively, Williams and the Global Group of Companies have been ordered to pay $6.8 million in disgorgement to the BSCS. The panel has permanently banned the Global Group of Companies from trading in or buying any securities, acting as a manager or a consultant in connection with the activities in the securities market, and engaging in investor relations activities.
Additionally, the panel also demanded that Nemeth, Beilstein, and Weigel quit any positions they currently hold, and are banned from becoming or acting as, directors/officers of any issuer or registrant. These individuals are prohibited from trading in or purchasing any securities (with limited exceptions), becoming or acting as a registrant/promoter, acting in a management or consultative capacity in connection with the activities in the securities market, and engaging in investor relations activities. The official document from BSCS also states:
“Nemeth has been ordered to pay an administrative penalty of $70,000 and to disgorge $162,500. Her bans are to remain in effect until the later of the date that she pays her monetary orders and August 17, 2023.
Beilstein has been ordered to pay an administrative penalty of $25,000 and to disgorge $22,000. Her bans are to remain in effect until the later of the date that she pays her monetary orders and August 17, 2019.
Weigel has been ordered to pay an administrative penalty of $5,000 and to disgorge $5,200. His bans are to remain in effect until the later of the date that he pays his monetary orders and August 17, 2017.
Penko, a registrant, has been ordered to pay an administrative penalty of $40,000 and to disgorge $155,000.”
The BSCS panel also ordered that a condition of strict management of Penko’s registrable activities be urged, in a manner stated by the panel.
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