Vancouver developer fined, banned from trading after investor loses $1M
VANCOUVER — The B.C. Securities Commission has ordered a real estate developer to pay a fine of $125,000 after a hearing concluded he defrauded a client for part of a $1-million investment in a project that failed.
The commission says that after Vancouver resident Brendan Schouw deposited the investor’s money into Hornby Residences Ltd., his company account, he put some of the funds into his own account.
A news release from the commission says Schouw spent about $75,000 of the redirected money on his personal mortgage payments and on his separate property management business.
Schouw and Hornby Residences are listed as respondents in the case.