BCSC alleges B.C. resident committed fraud in relation to day-trading

2018/16
March 13, 2018

Vancouver - The Executive Director of 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.

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.

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. 

These allegations have not been proven. Counsel for the 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.

You may view the notice of hearing on our website, www.bcsc.bc.ca, by typing William Wade Furman or 2018 BCSECCOM 64 in the search box. Information about disciplinary proceedings can be found in the Enforcement section of the BCSC website.

Please visit the Canadian Securities Administrators' (CSA) Disciplined List for information relating to persons and companies disciplined by provincial securities regulators, the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association of Canada (MFDA).

About the British Columbia Securities Commission ( www.bcsc.bc.ca )

The British Columbia Securities Commission is the independent provincial government agency responsible for regulating capital markets in British Columbia through the administration of the Securities Act. Our mission is to protect and promote the public interest by fostering:

 

  • A securities market that is fair and warrants public confidence
  • A dynamic and competitive securities industry that provides investment opportunities and access to capital

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Media Contact:
Alison Walker
604-899-6713

Public inquiries:
604-899-6854 or 1-800-373-6393 (toll free)
inquiries@bcsc.bc.ca

Learn how to protect yourself and become a more informed investor at www.investright.org


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