Three British Columbia residents and two mortgage investment corporations have been accused of committing fraud by the BC Securities Commission.
DominionGrand II Mortgage Investment Corporation (DG Mortgage) and DominionGrand Investment Fund Inc. (DG Fund) are B.C.-based companies that held themselves out as mortgage investment corporations; controlled by Donald Bruce Edward Wilson, David Scott Wright and Patrick K. Prinster.
The BCSC alleges that the respondents raised approximately $1.1 million from 40 investors who were told their money would be invested in mortgages secured by real estate.
However, the respondents did not invest the money in mortgages and instead distributed the majority of the investors' money to other companies related to the respondents, business expenses, and commissions to finders.
The three men named in the notice of hearing are allegedly liable to the companies’ alleged fraud.
These allegations have not been proven. Counsel for the Executive Director will apply to set dates for a hearing into the allegations before a panel of commissioners on July 11, 2017 at 9am.
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