(Black Press Media files)

Nevada court orders former Vancouver man to pay back $21.7M to investors

The commission says Michael Lathigee committed fraud over a decade ago

The British Columbia Securities Commission says it has won a court decision in Nevada that enforces a $21.7-million order against a man accused of defrauding his Canadian clients.

It says it is the first time a court in the United States has recognized an order from the B.C. commission.

The commission says Michael Lathigee committed fraud over a decade ago by raising millions from almost 700 investors without telling them his company was in severe financial trouble.

In 2014, it ordered Lathigee to repay the investors, pay a $15 million administrative penalty and permanently banned him from trading in securities in B.C.

The commission says Lathigee moved from Vancouver to Las Vegas, prompting it to go to court in Nevada to enforce the order.

It says in a news release that Lathigee has appealed the decision to the Supreme Court of Nevada and that it is working with its legal counsel to determine its next steps.

“We’ve done everything in our power to collect from Michael Lathigee, because if we collect, we can return money to his victims,” Doug Muir, the commission’s director of enforcement, said in the release. “This decision sends a strong message that people can’t just leave the country to avoid the consequences of their wrongdoing.”

READ MORE: $450K real estate scheme involved Surrey pastor and son, regulator says

READ MORE: B.C. pot dispensary landlord must pay $96,000 in fines, says judge

The Canadian Press


Like us on Facebook and follow us on Twitter.

Just Posted

Surrey’s new top cop doesn’t believe residents have lost faith in the RCMP

Brian Edwards will take over the reins of Canada’s largest RCMP detachment on Jan. 6

Surrey mother voices concerns about Highway 15 intersection after crash

Kim Squirell’s daughter and her friend injured in collision at 176 Street and 40 Avenue

GoFundMe started for young Surrey father with brain cancer

Campaign aims to raise $10,000 to help with treatment costs for Tyler Duquette

Surrey Schools to sell property meant for school due to close proximity to pretrial

Sale funds would go toward purchasing new potential school site

Eight Surrey groups to share $375K in grant money

The not-for-profit groups focus on public safety and the environment

‘Not a decision I came to lightly:’ Scheer to resign as Conservative leader

Decision comes after weeks of Conservative infighting following the October election

‘British Columbians are paying too much’: Eby directs ICBC to delay rate application

Attorney General David Eby calls for delay in order to see how two reforms play out

VIDEO: Octopus, bald eagle battle after bird ‘bites off more than it can chew’ in B.C. waters

B.C. crew films fight between the two feisty animals in Quatsino off north Vancouver Island

Couple who bought $120k banana duct-taped to wall say artwork will be ‘iconic’

Pair compared it to Warhol’s ‘Campbell’s Soup Cans,’ which was initially ‘met with mockery’

Race to replace Andrew Scheer could be a crowded one

Many familiar faces, such as Maxime Bernier, Jason Kenney, Doug Ford and Kevin O’Leary, have said no

National cold case hunters take on search for missing man last seen in B.C.

Kristofer Couture’s car was found at Chilliwack trailhead in January but there’s been no sign since

Owner surrenders dogs chained up outside among scrap metal, garbage to BC SPCA

Shepherd-breed dogs were living in ‘deplorable conditions.’

B.C. plane crash victim identified; witnesses describe ‘explosion’

He was a flight instructor, charter pilot and owned an airstrip before leaving Alberta

Most Read

l -->