News Release

Vancouver – A British Columbia Securities Commission panel has found that Thomas Arthur Williams and his group of companies committed fraud. Williams and his companies also raised money illegally with the help of commissioned finders.

Williams, a former registrant, was the directing mind, director and officer of the following entities (collectively, the Global Group of Companies):

• Global Wealth Creation Opportunities Inc.;
• Global Wealth Creation Opportunities Inc. (Belize);
• Global Wealth Financial Inc.;
• Global Wealth Creation Strategies Inc.;
• CDN Global Wealth Creation Club RW-TW; and
• 2002 Concepts Inc.

The panel found that between February 2007 and April 2010, Williams and the Global Group of Companies committed fraud by raising approximately $11.7 million from 123 investors.

Discussing Williams’ deceitful conduct, the panel wrote, “Instead of investing the funds as Williams represented, investor funds were used to make payments to earlier investors, pay commissions to Williams and to pay money to third parties. This was a simple Ponzi scheme.”

The panel also found that Williams, certain of the Global Group of Companies and several of the finders used by Williams to introduce investors to the Global Group of Companies breached securities laws concerning prospectus and registration requirements. The finders found to have committed misconduct were Susan Grace Nemeth, Renee Michelle Penko, Irene G. Beilstein and Dennis Carl Weigel.

The panel dismissed similar allegations against Paul Finney, Christina Kiemel, and Eric Clark, all of whom reside outside of B.C. The panel determined there was not a sufficient connection to British Columbia for the Commission to take jurisdiction over these respondents.

The panel directed the parties to make submissions on sanctions according to the schedule set out in the findings.

In a dissenting decision, BCSC Vice Chair Nigel Cave would have dismissed certain of the illegal distribution allegations related to conduct that occurred outside of the limitation period. He wrote that the concept of a continuous contravention (or a continuous course of conduct) should not generally be applied to contraventions of securities laws related to prospectus and registration requirements.

You may view the findings decision on our website www.bcsc.bc.ca by typing Global Wealth Creation Opportunities Inc., Global Wealth Creation Opportunities Inc. (Belize), Global Wealth Financial Inc., Global Wealth Creation Strategies Inc., CDN Global Wealth Creation Club RW-TW, 2002 Concepts Inc., Thomas Arthur Williams, Susan Grace Nemeth, Renee Michelle Penko, Paul Finney, Irene G. Beilstein, Christina Kiemel, Dennis Carl Weigel, Eric Clark, or 2016 BCSECCOM 18 in the search box. Information regarding disciplinary proceedings can be found in the Enforcement section of the BCSC website.

Please visit the Canadian Securities Administrators’ Disciplined Persons List for information relating to persons disciplined by provincial securities regulators, the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association (MFDA).

About the British Columbia Securities Commission (www.bcsc.bc.ca)

The British Columbia Securities Commission is the independent provincial government agency responsible for regulating capital markets in British Columbia through the administration of the Securities Act. Our mission is to protect and promote the public interest by fostering:

• A securities market that is fair and warrants public confidence
• A dynamic and competitive securities industry that provides investment opportunities and access to capital

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Media Contact:
Richard Gilhooley, Media Relations
604-899-6713

Public inquiries:
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