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.

 

 

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

Just Posted

View Royal fire chief calls for realistic solutions to ‘mess’ at Thetis Lake

Emergency crews harassed while extinguishing brush fire, rescuing drunk 15-year-old during long weekend calls

Greater Victoria woman goes on gratitude mission to thank first responders

Jen Klein fainted while driving and crashed on Pat Bay Highway in 2019

Non-venomous ball python missing in Vic West

Snake was reported missing to Victoria police Tuesday morning

Multiple Victoria officers injured during violent incidents, including mental health calls over long weekend

Police deploy pepper spray, conducted energy weapon while arresting suspect

Crews respond to medical incident on West Saanich Road

Incident appears to be cleared, witnesses say

B.C. records 146 new COVID-19 cases through long weekend

More that 28 people tested positive for the virus each day since Friday

Two people die in propane heated outdoor shower near Princeton

Couple was attending a long weekend gathering

Study shines light on what makes LGBTQ+ youth feel safe in a community

The study goes beyond looking at school or family supports

Alberta to require masks at schools this fall, but still no mandate in B.C.

B.C. students are also set to return to classrooms in September

B.C. to allow customers to buy cannabis online for in-store pickup at private shops

Age verification will still be required inside the store

30% of British Columbians would ‘wait and see’ before taking COVID vaccine: poll

Some are concerned about side effects, while others don’t think the virus is a big deal

Don’t leave your hand sanitizer in the sun and other tips to stay COVID safe this summer

Being mindful of staying outside and keeping hand sanitizer, sunscreen out of the sun recommended

What exactly is ‘old growth’ B.C. forest, and how much is protected?

Forests minister Doug Donaldson doesn’t support ‘moratorium’

Most Read