(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

Jocelyn’s Jottings: When everyone is a friend of a friend

Chances are I know someone in Revelstoke who knows you, such is… Continue reading

Slow melt at high elevations near Revelstoke this spring

At one location on Mt. Fidelity there is double the usual snowpack for early July

Security cameras catch break and enter suspects on July 1 in Revelstoke

RCMP are asking for help to identify the men and a vehicle

Canada’s deficit result of investing in Canadians: Minister of Middle-Class Prosperity

Minister Mona Fortier said the government is working on the next steps as the economy restarts

Cancelled shows and slow reopening for Revelstoke Art Gallery

The gallery has been closed since March due to COVID-19

B.C. sees 25 new COVID-19 cases, community exposure tracked

One death, outbreaks remain in two long-term care facilities

VIDEO: Alberta man rescues baby eagle believed to be drowning in East Kootenay lake

Brett Bacon was boating on a lake in Windermere when he spotted the baby eagle struggling in the water

Summerland Blossom Youth Ambassador Program to hold coronation

Event will be held by video as a result of COVID-19 precautions

Vernon shutterbugs capture rainbow

A rain event July 9 made way for a glorious sight

Pooch abandoned at Penticton doggy daycare suffered from oral disease

A fundraiser for Okie held by the BC SPCA surpassed its goal of $1,700

Couple shaken up after homophobic encounter at Kelowna mall

‘We’re not in the States; we’re not in some little hick town; we’re in Kelowna, British Columbia, Canada. And it still happens’

Summerland to allow in-person attendance at July 13 council meetings

Two meetings will be held at Summerland Arena Banquet Room to accommodate public

Fundraiser kicks off for Lake Country families displaced by house fire

A GoFundMe campaign has been launched to raise $5K for those who lost everything in early morning blaze

Rescued hawk returned to Lumby skies

A rehabilitated Swainson’s hawk was returned to its Rawlings Lake habitat

Most Read