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By Staff | April 30, 2008 | Last updated on April 30, 2008
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(April 30, 2008) A British Columbia Securities Commission panel has found that a Vancouver businessman, now deceased, perpetrated a fraud when he made misrepresentations to investors, sold them promissory notes that offered 100% returns, and took investor funds for his own use.

The commission panel found that Laurence Michael Schlosser, who died in December 2007, illegally traded and distributed securities, made misrepresentations to investors, and committed fraud when he sold $288,000 of securities to 11 B.C. investors.

Schlosser told investors that he ran an advertising business called Global Village West Marketing Group. The panel found Schlosser lied when he told investors that Global Village had signed advertising contracts with brand-name companies. It also found that he presented business plans and projections that were untrue.

For each $7,000 invested with Schlosser and Global Village, investors received a promissory note for $14,000 payable after one year. Schlosser did not repay the notes, and all the investors lost their money. The panel found that Schlosser used investors’ money for business and personal expenses.

Schlosser died after the conclusion of the hearing into allegations that he had committed securities fraud, but the panel felt it was in the public interest to release its findings.

p>(04/30/08) staff


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