Three companies, two Surrey men and a third B.C. resident are accused of defrauding a couple of investors of $450,000 by the British Columbia Securities Commission.
A date for a hearing into the allegations with be set on June 17.
None of the accusations have been proven against Alan Braun, Jerry Braun and Steven Maxwell (aka Steven Fassman, Braun Developments (B.C.) Ltd., 8022275 Canada Inc, and 0985812 B.C. Ltd., doing business as TerraCorp Investment Ltd.
The Brauns are the sole directors of Braun Developments (B.C.) Ltd. (Braun Developments) and were also directors of 0985812, which did business as TerraCorp. Maxwell was the de facto director of 8022275 Canada Inc. (275 Co.) and executive vice president of TerraCorp.
They are accused of taking $450,000 from two investors and telling them their money would be used to buy certain properties in Edmonton, Alberta. The investors were told they’d receive a 50 per cent return on their investment within 60 days, the BCSC alleges, and 275 Co. was the purported owner of the properties in Edmonton.
The British Columbia Securities Commission is an independent provincial government agency responsible for regulating capital markets under the Securities Act. Its purpose is to ensure the securities market is fair and worthy of the public’s trust. Its executive director alleges the accused did not use the investors’ money to buy the Edmonton properties and that 275 Co. never owned them.
It is alleged that Braun Developments, Alan and Jerry Braun, Maxwell and 275 Co. instead spent the investors funds on credit card payments, cash withdrawals and a personal mortgage, among other things. None of the accusations have been proven.