$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

  • World shares mostly down ahead of key central banker meeting

    Economic CTV News
    HONG KONG -- World stocks were mostly lower Monday as U.S. and South Korean joint military drills kept markets on edge and investors awaited a key meeting of central bankers later this week. KEEPING SCORE: European shares fell in early trading. Source
  • Back to school: How mature students can fund continuing education

    Economic CTV News
    VANCOUVER -- When Kear Porttris decided to pursue a university degree in 2010, he had to contend with responsibilities that don't cross the minds of many freshman straight out of high school, including paying his mortgage and feeding his daughter. Source
  • First round of NAFTA talks wrap in Washington

    Economic CBC News
    Canada, the United States and Mexico wrapped up their first round of talks Sunday to revamp the NAFTA trade pact, vowing to keep up a blistering pace of negotiations that some involved in the process said may be too fast to bridge deep differences. Source
  • Apple under pressure to dazzle as market slows

    Economic CTV News
    As Apple and Samsung gear up to launch new flagship smartphones, the market leaders are seeking a wow factor that can help them fend off challenges from rising Chinese-based manufacturers. Apple is under particular pressure to dazzle as the culture-changing California iPhone maker looks for a way to maintain its image as an innovation leader in a global market showing signs of slowing. Source
  • From panhandlers to street musicians, not everyone is ready for cashless society

    Economic CTV News
    MONTREAL -- The sound of Anthony Lovison's singing echoes through the corridors of the Montreal subway, reaching commuters' ears long before they see the young brown-haired man and his guitar. Barely a minute into "Heaven's Door," a man walks up with a smile and throws 50 cents into Lovison's open guitar case -- the first customer of the day. Source
  • Eclipse eye safety and airline phone scams: CBC's Marketplace consumer cheat sheet

    Economic CBC News
    Miss something this week? Here's the consumer news you need to know from CBC's Marketplace. Get this in your inbox every Friday. Sign up here. Protect your eyes during the eclipse Planning on watching the eclipse Monday? Regular sunglasses won't be enough to protect your eyes. Source
  • Canadian re-commerce company LXRandCo taking luxury vintage shopping into the future

    Economic CBC News
    You've probably heard of e-commerce. But what about re-commerce? It's the business of buying and selling used items. There's a Canadian company, LXRandCo, that's carving out a niche for itself in this category. It deals in the vintage luxury market, which is growing 14 per cent every year, according to the experts at Canaccord Genuity, a financial services company. Source
  • Canada open to completing NAFTA talks in short order

    Economic CBC News
    Canadian negotiators are open to working on a timeline proposed by the U.S. to complete NAFTA renegotiations before the end of the year, CBC News has learned. A government source, speaking on background, tells CBC News that Canada is willing to work quickly, but will not agree to a bad deal for the sake of meeting a deadline. Source
  • U.S. wants NAFTA talks to wrap up before year's end, but is it possible?

    Economic CBC News
    Canadian negotiators are open to working on a timeline proposed by the U.S. to complete NAFTA renegotiations before the end of the year, CBC News has learned. A government source, speaking on background, tells CBC News that Canada is willing to work quickly, but will not agree to a bad deal for the sake of meeting a deadline. Source
  • B.C. premier and jobs minister sued by fired LNG advocate claiming $5M

    Economic CTV News
    VANCOUVER -- British Columbia's fired liquefied natural gas advocate is suing Premier John Horgan, the province's jobs minister and a New Democrat MP in a lawsuit claiming $5 million in damages. Gordon Wilson alleges in a statement of claim filed in B.C. Source