(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

Dancing with Shuswap Stars attracts Rust Valley Restorers

TV show stars join quest to hone some fancy footwork

Highway 6 east of Lumby closed due to vehicle incident

Accident happened between McInnes Road and Rawlings Lake Road; detour in effect

Armstrong gathering for missing and murdered Indigenous women and girls

Memorial Park gathering on June 22 will honour women with speakers and roundtable discussions

Okanagan Military Tattoo pleased with program

Sixth annual largest indoor show in Vernon runs July 27 and 28 at Kal Tire Place

North Okanagan car club annual show a huge hit with spectators

People didn’t mind the hot weather as they admired all kinds of vintage vehicles at 25th annual show

PHOTOS: Elusive ‘ghost whale’ surfaces near Campbell River

Ecotourism operator captures images of the rare white orca

RAMA and Migrants Rights Network supporters protest for enhanced labour rights amongst migrant workers

‘I benefit from people who come and do the work that we can’t find other Canadians to do’

Michael McDonald to play in the Okanagan

The five-time Grammy Award winner has sold out Mission Hill Family Estate Winery

Police probe report of shooting as Raptors rally continues

There were reports of a woman being injured at the event that celebrates the team’s NBA title win

Fatal motorcycle crash in South Okanagan

Motorcycle operator drove into a barb wire fence on Enterprise Way before stopping

Top classic car show cruises back into the South Okanagan

Peach City Beach Cruise runs June 21 to 23 in Penticton

Rural Enderby adds wildfire protection

“The important message we would like to get out is that there are actions that people can take to make their homes less susceptible to the threat of wildfires”

Dangerous driving in Keremeos and Vernon nets jail time

Gary Patrick Richard will serve 73 days in jail for dangerous driving and other offences

Oil and gas sector cautious as deadline on Trans Mountain decision nears

Trudeau government expected to announce whether it will approve pipeline for second time on Tuesday

Most Read