The B.C. Supreme Court has upheld $3.9 million in penalties issued by the B.C. Securities Commission a decade ago against an Abbotsford resident for his role in a Ponzi scheme.
With interest, the penalties now total $5.13 million.
Daniel Eric Byer had not paid his penalties following a 2008 tribunal ruling, and the Securities Commission filed a renewed enforcement order last December to extend a 10-year deadline to collect payment.
Byer had filed a counter claim for damages, arguing that the commission claim is invalid “for a lack of jurisdiction.”
Following a hearing at the end of January, B.C. Supreme Court Justice Kenneth Affleck ruled the Securities Commission “has judgment against the defendant Daniel Eric Byer in the amount of $5,126,514.25.”
GORDON HOEKSTRA – VANCOUVER SUN – APRIL 6, 2018.