News Release
BCSC wins another legal victory in effort to collect financial sanctions from fraudster
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Date:
2026-03-19 -
Number:
2026/017
Vancouver – The BC Court of Appeal has upheld a BC Supreme Court decision that ordered a man to forfeit annual payments from two of his registered accounts to the BC Securities Commission (BCSC).
The Court of Appeal determined that the Pension Benefits Standards Act does not make payments from Earle Douglas Pasquill’s two Life Income Fund (LIF) accounts exempt from the Commission’s collection efforts.
The March 18 ruling means that Pasquill, who perpetrated one of British Columbia’s largest investment frauds and owes the BCSC $36.7 million, must forfeit to the BCSC any payments from his LIF accounts.
LIFs are a type of tax-deferred registered account that has a mandatory withdrawal between a minimum and maximum amount. Pasquill’s accounts total more than $550,000 as of 2024, and any payments the BCSC receives from them will be made available to victims of the fraud.
The Court dismissed the BCSC’s cross-appeal of the Supreme Court judge’s decision not to appoint a receiver.
In 2014, a BCSC panel found that Pasquill and Michael Patrick Lathigee, who jointly directed and controlled the Freedom Investment Club, fraudulently raised a total of $21.7 million in 2008 through the sale of securities to nearly 700 investors without telling the investors about severe cash flow problems.
Pasquill owes the BCSC an administrative penalty of $15 million. He was also ordered to pay another $21.7 million, representing the ill-gotten gains that he and Lathigee obtained directly or indirectly as a result of the fraud. Pasquill has made no payment towards those sanctions.
About the BC Securities Commission (bcsc.bc.ca)
The BC Securities Commission, an independent provincial government agency, strives to make the investment market benefit the public. We set rules, monitor compliance by industry, take action against misconduct, and provide guidance to investors and industry. As guardians of B.C.’s investment market, we’re committed to maintaining a market that is honest, fair, competitive and dynamic, enabling British Columbians to thrive.
Media Contact:
Elise Palmer
604-899-6830
Public inquiries:
604-899-6854 or 1-800-373-6393 (toll free)
inquiries@bcsc.bc.ca
Learn how to protect yourself and become a more informed investor at www.investright.org