$37M fine for Ponzi schemer who defrauded hundreds of investors

VANCOUVER -- The British Columbia Securities Commission fined a woman $37 million and banned her from the provincial capital market over a Ponzi scheme that involved hundreds of investors across North America.

See Full Article

The commission says Doris Elizabeth Nelson promoted the Little Loan Shoppe to 121 investors in British Columbia who invested $19 million in what was actually a Ponzi scheme.

It has fined her $18.5 million for the money lost by investors and another $18.5 million in penalties.

Nelson, who's from Colbert, Wash., pleaded guilty in 2014 to 110 counts in a Washington court to fraud and international money laundering in the scheme that the Federal Bureau of Investigation says covered investors in Canada, the United States and Mexico.

The FBI said that Nelson claimed her business was making so much profit that she could supply investors with a 40 to 60 per cent annual return.

In 2014, U.S. District Court Judge Robert Whaley sentenced Nelson to nine years in prison for what he said was a scheme that funded a lavish lifestyle of shopping sprees, cruises, art purchases and gambling losses.



Advertisements

Latest Economic News

  • Ontario transit agency won't let Bombardier bid to operate commuter trains

    Economic CTV News
    MONTREAL -- Ontario's transit agency has decided not to appeal a court ruling favouring Bombardier but will exclude the Montreal-based company from bidding to continue operating GO Transit trains as it has done for decades. Source
  • Business groups blast Ontario labour proposals on last day of consultations

    Economic CTV News
    TORONTO -- Unions and advocacy groups made one last effort Friday to sway the Ontario government on its plan for sweeping changes to the province's labour laws, with some sounding the alarm about what they deem drastic measures and others arguing the proposal doesn't go far enough. Source
  • Marijuana companies band together to develop marketing guidelines

    Economic CTV News
    TORONTO -- Sixteen of Canada's licensed marijuana producers have enlisted the help of Advertising Standards Canada to develop guidelines on how the drug should be branded and promoted before its recreational use becomes legal next year. Source
  • Husky Energy set to repair pipeline that spilled crude into river a year ago

    Economic CTV News
    CALGARY -- Husky Energy (TSX:HSE) says it has been granted permission to repair and replace a section of pipeline that leaked 225,000 litres of crude in Saskatchewan just over a year ago. Chief executive Robert Peabody said that it will be applying lessons learned from the spill on the rebuild. Source
  • Ford says it will fight latest Takata recall

    Economic CTV News
    DETROIT -- Ford is fighting the latest expansion of the Takata air bag inflator recall. Earlier this month Takata filed documents with the U.S. government adding 2.7 million vehicles to the recall from Ford, Nissan and Mazda. Source
  • FedEx to close all Office Print and Ship Centres across Canada

    Economic CTV News
    FedEx Canada has announced that it will be closing all of its FedEx Office Print and Ship Centres, across Canada. All 24 centres, the manufacturing plant, and the head office in Toronto will close. Source
  • Car buying pushes retail sales up for third month in a row in May

    Economic CBC News
    Strong auto sector activity helped Canadian retail sales activity rise for a third straight month in May, climbing by 0.6 per cent to $48.9 billion, Statistics Canada said Friday. The monthly increase was double the consensus expectation of economists Source
  • Judge OKs $11.2M settlement for hacked Ashley Madison users

    Economic CTV News
    ST. LOUIS -- A federal judge on Friday approved an US$11.2 million settlement between the marital infidelity website Ashley Madison and users who sued after hackers released personal information, including financial data and details of their sexual proclivities. Source
  • Judge OKs US$11.2M settlement for hacked Ashley Madison users

    Economic CTV News
    ST. LOUIS -- A federal judge on Friday approved a US$11.2 million settlement between the marital infidelity website Ashley Madison and users who sued after hackers released personal information, including financial data and details of their sexual proclivities. Source
  • What drug-dealing 'darknet' sites have in common with eBay

    Economic CTV News
    NEW YORK -- AlphaBay, the now-shuttered online marketplace that authorities say traded in illegal drugs, firearms and counterfeit goods, wasn't all that different from any other e-commerce site, court documents show. Not only did it work hard to match buyers and sellers and to stamp out fraud, it offered dispute-resolution services when things went awry and kept a public-relations manager to promote the site to new users. Source