Langley resident named in $5.7 million securities case

Accused of raising money from investors without being registered

A Langley resident, their Ontario business partner and the company they owned together have been charged with violating B.C. securities laws by raising $5.7 million from stock market investors without being properly registered.

The British Columbia Securities Commission (BCSC) said  Maisie Smith (also known as Maizie Smith) of Langley and Ingram Jeffrey Eshun of Ontario each owned 50 per cent of JV Raleigh Superior Holdings Inc. a B.C. based company.

This week, the commission issued a notice of hearing alleging the company and its two directors breached securities laws by selling securities without being registered.

The notice alleges JV Raleigh entered into loan agreements that raised approximately $5.7 million from numerous investors between July 2006 and January 2009.

Under the loan agreements, the BCSC said, JV Raleigh was to borrow money from investors to purchase “consumer secured notes receivable”, which the firm described as “a form of factoring” with typically “high yields.”

It also promised to provide investors a monthly “return of capital” payment, and return the balance of the investment, plus interest, at a later date.

According to the BCSC, Smith met with investors, assisted them in entering the loan agreements, signed the loan agreements on behalf of JV Raleigh, and she opened B.C. bank accounts where investor funds were deposited. Eshun opened the bank accounts with Smith and was an authorized signatory.

According to the commission, the company and its two principals “traded and distributed securities” without ever being registered urned the provincial securities Act.

A hearing into the unproven allegations has been set before a panel of commissioners on November 14.

The BCSC is the independent provincial government agency responsible for regulating trading in securities within the province.

Learn how to protect yourself and become a more informed investor at http://www.investright.org

Just Posted

Police campaign swoops in on speeding on Aldergrove’s Fraser Highway

The road are getting too ‘busy’ for just one lane, says RCMP volunteer.

PHOTOS: Aldergrove’s aquatic areas partially reopen

Discounted prices in effect until leisure pool construction finished

WATCH: Aldergrove single mother given ‘brand new’ start

Hardworking mother and volunteer is the one helped – for a change

Langley swimmers break records at Hyack

Langley Olympian Swim Club records stood for more than a decade

SWOOP aims at slowing down traffic on Fraser Highway

Officers are out in Langley, Surrey, Abbotsford, and White Rock

Kelowna toddler suffers cracked skull after fall from balcony

Neighbour who found the two-year-old boy said he has a bump the size of a golf ball on his head

Support growing for orphaned Okanagan child after father dies in highway crash

Family thanks emergency crews for assistance in traumatic incident

UBC prof says report citing $89B home equity loss a ‘grassroots movement of the rich’

Report says longtime homeowners are being taxed out of their homes by the NDP

Baby boom seniors putting pressure on B.C. long-term care: report

B.C. leads Canada in growth of dementia, dependence on care

RCMP probe if teen was intentionally hit with ski pole by mystery skier on B.C. mountain

The incident happened on March 20 on Grouse Mountain. Police are urging witnesses to come forward

TransLink fares to go up on July 1

Fares will increase by a few cents to a few dollars

Roadside device to weed out THC can’t detect impairment, B.C. lawyer says

‘This fact alone is likely to have serious implications for Canadians’ Charter Rights,’ lawyer Sarah Leamon warns

Two week lock down lifted after drugs, cellphone seized at Kent Institution

A search at the prison found nearly 26 grams of hashish and a cellphone

B.C. firefighters rescue frozen dog from ice

The fire crew found a dog stuck in the at Lake Paul on May 20

Most Read