In Surrey, British Columbia, a man is alleged to have used money obtained from investors to fund a significant gambling spree.
According to the B.C. Securities Commission (BCSC) in Canada, David Lawrence Pazurik accrued CAD 200,460 ($145,600) from 14 investors as the sole operator behind Pazman Promotions, an entity said to be “in the business of purchasing and customizing branded merchandise for other businesses.”
At present, none of the allegations against Pazurik have been proven, with the commission set to hold a hearing on the matter.
According to the BCSC, the alleged fraudulent activity is said to have taken place between January 2021 and May 2022, with Pazurik using the proceeds for gambling and other personal spending.
A news release from the commission detailed how he burned through almost 75% of the funds raised, around $146,000, with some payments also made to associates of Pazurik.
As a result, the BCSC alleges that he committed a fraud breach under the Province’s Securities Act.
BCSC to schedule a hearing on the alleged breach of Securities Act
The premise of the scheme was an investment in a profit-sharing arrangement, through support for sales contracts in Pazman Promotions’ business activity. Clients were advised they would be in line for a “reimbursement of their funds plus a specific amount of profits in a short period of time.”
The communication from the B.C. authority detailed that this did not materialize, with no returns paid to investors, as pledged.
Pazurik or his representatives have now been called to make a submission to the B.C. Securities Commission on November 18, before it schedules a hearing to rule on the situation.
As an independent provincial government body, the remit of the BCSC is to set the rules, provide oversight, and carry out enforcement on the investment market, to ensure it is “honest, fair, competitive and dynamic.”
Image credit: IJF
The post BCSC alleges investment fraud to fund gambling spree appeared first on ReadWrite.
Sources
Recent Posts
- Google isn’t kidding around about cost cutting, even slashing its FT subscription
- Trump hits H-1B visas with $100,000 fee, targeting the program that launched Elon Musk and Instagram
- EGBA “urges” delegates to vote on its markers for harm measure
- MGM Resorts executive shuffle sees Ayesha Molino and Gary Fritz get big promotions
- Nassau County police officer arrested after spending colleague’s cash on gambling, OnlyFans
Archives
- September 2025
- August 2025
- July 2025
- June 2025
- May 2025
- April 2025
- March 2025
- February 2025
- January 2025
- December 2024
- November 2024
- October 2024
- September 2024
- August 2024
- July 2024
- June 2024
- May 2024
- April 2024
- March 2024
- February 2024
- January 2024
- December 2023
- November 2023
- October 2023
- September 2023
- August 2023
- July 2023
- June 2023
- May 2023
- April 2023
- March 2023
- February 2023
- January 2023
- December 2022
- November 2022