Panel finds Surrey pastor, his son and White Rock man committed fraud
Vancouver – A British Columbia Securities Commission (BCSC) panel has found that two Surrey residents – a pastor and his son – and a White Rock resident committed fraud against two people in a real estate related investment scheme. The panel also made fraud findings against three corporate entities – Braun Developments (B.C.) Ltd., 0985812 B.C. Ltd. (TerraCorp Investment Ltd.), and 8022275 Canada Inc.
A BCSC panel found that Alan and Jerry Braun, and Steven Maxwell (a.k.a. Steven Fassman), committed fraud when they took $450,000 from two investors in three different transactions.
“In each case, the prohibited act or deception clearly resulted in the risk of deprivation and, ultimately, actual deprivation to the investors,” the panel said in its findings.
The panel also found that Braun Developments and 8022275 Canada Inc. committed fraud with respect to the three investments in the amount of $450,000, and TerraCorp Investment committed fraud with respect to two of the investments in the amount of $300,000. Alan and Jerry Braun, both directors and officers of Braun Developments and TerraCorp Investment, were responsible for directing the affairs of both entities. Maxwell was a director of 8022275 Canada Inc. and was responsible for its affairs.
The three men and the companies that they controlled deceived the investors by leading them to believe that they were purchasing real estate investments in Edmonton that would yield very high returns in a short period. In the end, the Brauns and Maxwell did not use the investors’ money to invest in real estate. Instead, they used the investors’ money for other purposes, including for their own personal living expenses.
The panel directed the parties to make submissions on sanctions according to the schedule set out in the findings.
You may view the findings decision on our website, www.bcsc.bc.ca, by typing Jerry Braun, Allan Braun, Steven Maxwell (a.k.a. Steven Fassman), Braun Developments, 8022275 Canada Inc. 09885812 B.C. Ltd. (TerraCorp Investment Ltd.), or 2018 BCSECCOM 332 in the search box. Information about disciplinary proceedings can be found in the Enforcement section of the BCSC website.
Please visit the Canadian Securities Administrators’ (CSA) Disciplined List for information relating to persons and companies disciplined by provincial securities regulators, the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association of Canada (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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