Victoria financial advisor investigated for fraud

B.C. Securities Commission accuses man of scamming investors out of more than $65 million

  • Jun. 10, 2013 3:00 p.m.

A Victoria-based financial advisor is being investigated by the B.C. Securities Commission for allegedly scamming Capital Region investors out of more than $65 million.

David Michaels, who lives in Mill Bay, is accused of selling high-risk investments to 484 clients between 2007 and 2010 through his company, Michaels Wealth Management Group. The BCSC claims Michaels pocketed around $5.8 million while the investments deteriorated.

He also hosted a promotional radio show on CFAX 1070 during the period under investigation.

Michaels will meet with the BCSC July 9 to set a date for the public hearing, where he will face allegations of fraud and breaching securities laws.