VANCOUVER (NEWS1130) – A local man who solicited investors on Craigslist has been banned for life from BC markets.

The BC Securities Commission has also fined Paul Lester Stiles $35,000 for the attempted fraud, but it’s not known if it can be collected.

The Commission says between 2009 and 2012, Stiles promoted Velocity Entertainment Inc. with claims that it would provide profits of anywhere from 12 per cent a year to 100 per cent in six months, falsely stating the return would be “totally secure.”

He said the money would be used to produce feature films.

The BCSC says Stiles ignored its warnings, showing what a commission panel calls “contempt for our system of securities regulation.” The panel adds “he has attempted fraud before and will continue to do so.”

Click here to read the decision.