B.C. Securities Commission Alleges ezBtc Involved in $13M Fraud

Today in B.C. | Canadian Press | May 2, 2023

The B.C. Securities Commission accuses David Smillie and his now-defunct company, ezBtc, of committing a multimillion-dollar securities fraud by diverting customer assets to online cryptocurrency gambling sites.

• The company allegedly diverted about $13 million worth of bitcoin and ether without customer authorization. Smillie and ezBtc were never registered under B.C.’s Securities Act, and the regulator claims agreements with customers amounted to futures contracts under its jurisdiction.

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• Although the matter is administrative, not criminal, Smillie and the firm may face monetary penalties or banishment from public markets if the commission proves its case.
  • A police investigation in 2019 didn’t find enough evidence for criminal charges, but the case could be reopened with new information.
• Victims like Sergei Goshko, who lost between $70,000 and $80,000, hope the commission’s action will yield progress. A hearing date is set for June 27.

Continue to the full article –> here

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• Source: https://ncfacanada.org/b-c-securities-commission-alleges-ezbtc-involved-in-13m-fraud/