Local developers penalized by security regulators
Posted February 25, 2015 12:19 pm.
This article is more than 5 years old.
VANCOUVER (NEWS1130) – Two BC real estate developers have been penalized millions of dollars by securities regulators, although it’s uncertain they’ll be able to pay.
The BC Securities Commission has imposed fines, payback orders and bans on Michael Jerome Knight and Jeffrey Karl Wiegel. It says they sold $3.6 million of securities to 50 people, most of them in BC, without a prospectus or being registered.
A BCSC panel also found that Knight committed fraud. The men promoted a North Vancouver development called The Brook and two other projects.
Knight and Wiegel have been ordered to pay back the $3.6 million. Knight has been fined $300,000 and banned for life from BC markets, while Wiegel was fined $100,000 and given a 10-year ban.
The commission says, “many of the individual investors lost… between $50,000 and $100,000.”
