British Columbia’s monetary markets regulator has leveled allegations of fraud, unlawful distribution of securities and obstruction of justice towards a Vancouver girl and the actual property firm she managed.
The allegations towards Cherie Evangeline White and her firm KingdomInvestments2015 Inc. haven’t been confirmed. The British Columbia Securities Fee will schedule a listening to on the case subsequent month.
In keeping with the BCSC, White was the only real director and officer of the corporate, which was previously generally known as KingdomRealty Inc. and Kingdom Investments Inc.
The corporate offered itself as “an actual property funding firm that generated excessive returns for traders from the ‘fixing and flipping’ and the ‘shopping for and holding’ of properties,” the BCSC mentioned in a information launch.
The fee alleges that, in 2017 and 2018, White and her firm used roughly $176,000 from 9 traders to repay different traders and pay again a private mortgage. This, regardless of allegedly telling the traders their cash can be used to put money into actual property.
The BCSC additionally alleges that White and her firm raised an extra $100,000 from two traders in August 2018 with out telling them that the corporate was defaulting on its funds to different traders.
These two actions constituted fraud, in line with the BCSC.
The unlawful distribution allegation comes from roughly $1.25 million White and her firm raised from 24 traders between 2016 and 2019. These traders had been bought securities with no prospectus, the fee alleges, including that White and Kingdom had not secured a prospectus exemption.
The obstruction of justice allegation stems from White’s refusal to offer paperwork to BCSC workers throughout a compelled interview in December 2020, the fee mentioned, alleging that White instructed investigators offering such paperwork can be “a waste of (her) time.”
The BCSC has requested White to seem at its places of work on July 14 if she needs to be heard earlier than the fee schedules a listening to.