Former Surrey resident Johny Panyavong has been sentenced to 18 months probation and must pay $30,000 in restitution to his victim after pleading guilty Nov. 18 to one count of theft over $5,000 and one count of using forged documents in Surrey provincial court.
Panyavong received credit for the 15 days he served in jail. A charge of fraud over $5,000 was stayed. He was arrested in Ontario in 2019 following an investigation by the B.C. Securities Commission’s Criminal Investigations Branch
READ ALSO: Former Surrey man charged with fraud over $5K
A press release issued Friday by the securities commission states the charges related to allegations Panyavong misused $40,000 solicited from a B.C. investor in 2016 “for investment in a Surrey real estate development.
“Panyavong used the bulk of the investor’s funds to pay personal expenses, and the development never materialized,” the press release states. “When asked about the status of the investment, he showed the investor forged financial documents. Despite pressing for the return of the $40,000 and the profits that had allegedly accrued, Panyavong ultimately paid the investor only $10,000.”
tom.zytaruk@surreynowleader.com
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