(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

OUR VIEW: Silos won’t solve overcrowding in Surrey’s schools

It’s going to take a concerted team effort from all levels of government to improve this situation

Cloverdale Toastmasters celebrate 25 years of learning and laughter

Cloverdale club is a high achieving, yet laid-back Toastmasters group

White Rock restaurant serving up support for youth mental health

June 25 fundraiser at Uli’s organized in honour of the late Anthony Bourdain

Surrey RCMP searching for missing 15-year-old Aboriginal girl

Police say Megan Hindmarch was last seen in the 12400-block of 97B Street at 8 p.m. on June 18

McCallum’s canal pitch took Surrey councillors by surprise

City government has more important issues pressing than building a canal, councillors say

Scorpion gives birth after hitching ride in B.C. woman’s luggage

A Vancouver woman inadvertently brought the animal home from a trip to Cuba

B.C. teen killed by falling tree near Victoria

Second youth also injured in freak incident during field trip at Camp Barnard near Sooke

Commercial fishers in B.C. now required to wear life-jackets on deck: WorkSafeBC

WorkSafeBC reports 24 work-related deaths in the commercial fishing industry between 2007 and 2018

Rossland boy finds human kindness sweet as honey after beehive destroyed

Family overwhelmed by kind offerings of strangers all across B.C.

B.C. files second legal challenge against Alberta over turn-off-taps law

B.C. government filed a second lawsuit against Alberta on June 14

Tax credits, penalizing big polluters, key to Conservative climate plan

Canada’s commitment is to cut emissions to 70 per cent of what they were in 2005 before 2030

North Delta happenings: week of June 20

Events and community listings for North Delta

PHOTOS: MP Mark Warawa loses brief battle with cancer

The Conservative Member of Parliament and long-time community advocate died in hospice this morning

Victoria double murder trial: Blood splatter analyst found no shoe prints on scene

RCMP analyst testifies to smears, fingermarks, ‘swipe and wipe’ patterns around apartment

Most Read