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A British Columbia real estate developer has been ordered to pay more than $1 million after a finding of fraud by the provincial securities commission.
A B.C. Securities Commission panel has ordered that Rodney Wharram pay a $500,000 fine and another $517,500 to cover the amount it says he obtained by his fraudulent misconduct.
A commission panel determined that Wharram and three companies committed fraud by taking money from one company and depositing it into another, and then using the funds for Wharram's personal expenses.
The money had originally been raised from investors for developing a real estate project near Chilliwack.
The panel ruled investor losses were significant, that the fraudulent misconduct was repeatedly deceitful, and a significant fine is necessary for deterrence purposes.
The panel also ordered Wharram resign any position he holds as a director or officer and that his companies Falls Capital Corp., Deercrest Construction Fund Inc. and West Karma Ltd. be permanently cease-traded.
