The British Columbia Securities Commission (BCSC) has found the sole director and officer of Hornby Residence Ltd., perpetrated fraud on an investor in 2009.
According to the BCSC, Brendan James Schouw convinced an investor to invest $1 million into a Vancouver real estate project promising 18 per cent simple interest, which he would earn back over time.
It was found by the BCSC panel that after depositing the investor’s money into the company’s bank account, Schouw then redirected some of the funds to his personal account.
The panel also said that Schouw spent just under $100,000 of the investor’s money on his personal mortgage and his separate property management business, despite promising the investor that his money would be used exclusively for the development of a Vancouver real estate project.
The larger claims by the Executive Director of the BCSC, alleging that Schouw improperly diverted upwards of $440,000 of the investor’s funds, was dismissed by the panel.
Hearings will be held over the coming months to determine the punishment for Schouw.
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