(File)

B.C. man, two firms duped investors with $5-million Ponzi scheme, regulator says

Investors were told that Todd Norman John Bezzasso’s company was hired to distribute alcohol in B.C.

The B.C. Securities Commission panel has found that a man and two companies operating in the province committed fraud against investors through a Ponzi scheme that raised about $5 million.

The panel found Todd Norman John Bezzasso raised the money from 85 investors through Bezzaz Holdings Group Ltd. and Nexus Global Trading Ltd.

A commission news release said Friday that investors were told Nexus was contracted to distribute alcohol in B.C. and that Bezzazo sold a variety of products including health supplements and e-cigarettes.

It says investors were promised rates of return between five and 30 per cent, but the panel found Bezzasso was actually operating the Ponzi scheme and investors funds were used to pay earlier investors.

The panel also found that Richmond resident Wei Kai Liao, known as Kevin Liao, committed fraud, sold securities and acted as an advisor for some of those investors.

The panel says it will impose sanctions after hearing submissions from the commission staff and respondents.

The Canadian Press

Like us on Facebook and follow us on Twitter

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Bottle drive Saturday to assist sick Cowichan teenager and family

Sammy Dubois, 14, disgnosed with rare neurological disorder

Editorial: Alternative approval process is not the enemy

Not everything should go to a referendum.

Provincial success stands out at Cowichan Secondary awards

Wrestling, basketball and field hockey teams earn recognition in shortened year

One piper piping during the pandemic

Tribute to health care workers reaches the 100th performance

Canadian policing organization calls for decriminalization of simple illicit drug possession

Canadian Association of Chiefs of Police want policing focus of opioid crisis to be replaced with a health one

Hefty undeclared driver charges piling up, ICBC warns customers

Average extra penalty $2,971 after an at-fault accident

Survey, hotline launched amid probe into racist blood-alcohol guessing game at B.C. hospital

Mary Ellen Turpel-Lafond has been appointed to lead an investigation by Health Minister Adrian Dix

RCMP disarm man experiencing mental health crisis

The male pulled a knife on officers and then held it to his own throat expressing a desire to die

B.C. appeals judge’s decision to leave three clubhouses in Hells Angels hands

The province has filed two notices of appeal related to the B.C. Supreme Court decision

Conservation officers relocate Spirit bear known to roam northwestern B.C.

Bear roamed valley north of Terrace for many years

B.C. premier applauds call to decriminalize drug possession

Police shouldn’t struggle with health issues, Horgan says

Time to protect B.C.’s unique glass sponge reefs, conservation group says

Climate change is a “serious and immediate threat” to the 9,000-year old sponges: study

Indigenous leader Ed John pleads not guilty to historical sex charges

Ed John’s lawyer entered the plea by telephone on behalf of his client

Most Read