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B.C. Supreme Court upholds securities regulator’s renewal of $3.9-million penalty

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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.”

Read full article here.

GORDON HOEKSTRA – VANCOUVER SUN – APRIL 6, 2018.

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