A B.C. man who raised $1.4 million from 13 investors over a yearlong period in a Ponzi scheme has agreed to pay back a portion of the money through a BC Securities Commission settlement agreement.
Keith Henry Alexander admitted to the BCSC—the independent provincial government agency responsible for regulating capital markets through the administration of the Securities Act—that he engaged in both the illegal distribution of securities and unregistered trading.
Alexander was an investor in The Little Loan Shoppe, a Ponzi scheme that tricked investors into thinking it was a payday loan business. The Little Loan Shoppe operated through a group of companies controlled by Doris Nelson who used existing investors like Alexander to bring in new clients, paying the existing investors through existing funds they’d brought to the scheme.
Patrick Blennerhassett – Business in Vancouver – August 7, 2015.
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