(File)

B.C. man, two firms duped investors with $5-million Ponzi scheme, regulator says

Investors were told that Todd Norman John Bezzasso’s company was hired to distribute alcohol in B.C.

The B.C. Securities Commission panel has found that a man and two companies operating in the province committed fraud against investors through a Ponzi scheme that raised about $5 million.

The panel found Todd Norman John Bezzasso raised the money from 85 investors through Bezzaz Holdings Group Ltd. and Nexus Global Trading Ltd.

A commission news release said Friday that investors were told Nexus was contracted to distribute alcohol in B.C. and that Bezzazo sold a variety of products including health supplements and e-cigarettes.

It says investors were promised rates of return between five and 30 per cent, but the panel found Bezzasso was actually operating the Ponzi scheme and investors funds were used to pay earlier investors.

The panel also found that Richmond resident Wei Kai Liao, known as Kevin Liao, committed fraud, sold securities and acted as an advisor for some of those investors.

The panel says it will impose sanctions after hearing submissions from the commission staff and respondents.

The Canadian Press

Like us on Facebook and follow us on Twitter

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

City of Kimberley issues Boil Water Notice

The City of Kimberley issued a Boil Water Notice for all users… Continue reading

Impaired driver apprehended on Hwy 95A at 3:30 a.m. Saturday

Kimberley RCMP continued to remove impaired drivers from the roads. The latest… Continue reading

Hometown heroes: Search and Rescue president Peter Reid

Since the onset of the COVID-19 pandemic, Kimberley Search and Rescue (SAR)… Continue reading

Rivers, creeks flooding across the East Kootenay due to rainstorm

Residents evacuated in Fairmont, other properties on alert due to debris flow concerns

Kimberley schools are open with social distancing in place

Some, but not all, Kimberley students return to school this week, as… Continue reading

VIDEO: A Vancouver Island black bear takes weekend nap in eagle tree

Videos captured by Terry Eissfeldt shows the bear arriving Saturday night and sleeping in on Sunday

189 homes in Grand Forks area given evacuation orders

Homes are in the Nursery, Grand Forks Airport, Gilpin Rd., Johnson Flats and Granby Rd. areas

George Floyd asphyxiated by sustained pressure: family autopsy

Death sparked a wave of protests across the U.S. and abroad

B.C. Hockey League prepping for 2020-21

League reviewing different scenarios and start times in compliance with provincial regulations

Introducing the West Coast Traveller: A voyage of the mind

Top armchair travel content for Alaska, Yukon, BC, Alberta, Washington, Oregon and California!

COVID-19: B.C. commercial landlords can’t evict if they decline rent assistance

Emergency order ‘incentive’ for federal program, Carole James says

Investigators probe death of CN employee at Surrey rail yard

Transportation Safety Board is investigating an ‘occurrence that took place during switching operations’

Trans Mountain starts B.C. leg of pipeline twinning project

Mostly finished in Alberta, Burnaby terminal expanding

Most Read