BUSINESS
02/20/2019 11:09 EST | Updated 02/20/2019 11:10 EST

B.C. Pastor, Son, And Companies Fined For Fraud

The B.C. Securities Commission panel said they "preyed upon and shared spirituality with the investor."

LUNAMARINA via Getty Images

VANCOUVER — A B.C. Securities Commission panel has imposed fines and market bans on a Surrey pastor, his son, another man and the companies they controlled over a real estate investment scheme.

The commission says Pastor Alan Braun, Jerry Braun, Steven Maxwell, also known as Steven Fassman, and three companies took $450,000 from two investors telling them they were buying real estate in Edmonton that would generate a high rate of return.

It says the men used the money for other purposes, including their own personal living expenses.

Dealings predatory in nature: panel

The panel has ordered Alan Braun to pay the same amount taken from the investors, plus $450,000 in administrative penalties, while Maxwell has been fined $300,000 and Jerry Braun must pay a $200,000 fine.

The decision also sets out restrictions on various market activities for the men, including a permanent ban prohibiting all three men from acting as a company director or officer.

The panel said in an earlier finding of misconduct that the men's actions were exacerbated by the predatory nature of their dealings with one of the investors, whom it described as "vulnerable."

It also said the Brauns "preyed upon and shared spirituality with the investor."

Also On HuffPost: