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Elon Mortgage Numbers Francis Biller Faces Fraud Cases In The U.S.

Biller, imprisoned for a major British Columbia fraud, is currently facing a US Securities and Exchange Commission allegation that he has helped carry out illegal stock trading in Colombia.

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Key players in the $ 175 million Eron mortgage scandal, British Columbia’s largest fraud case, are facing accusations by the US Securities and Exchange Commission, officials said this week.

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Francis Biller, known as Frank Biller during his Elon era, was one of two prisoners in prison for his scandal, a boiler room based in Medellín, Colombia, by US authorities. The allegations accused of being involved in the operation of Colombia have deducted US $ 58 million.

Biller and four other defendants (Canadian Raymond Dub and Troy Granbrooks, American Chester Alvarez and Dutch National Justin Plazier) pump and dump penny stock from the Medezin business between 2016 and 2018. The United States and Canada have been charged with conducting promotions and fraudulent investors.

“These scammers have put a lot of effort into using fake companies, aliases, and spoofing phone numbers to trick investors into misunderstanding pump and dump plans,” said a U.S. government agency. Paul Levenson, head of the Boston Regional Office, said. case.

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The charges filed in the eastern district of the U.S. District Court in New York on March 14 have not been proved in court, and SEC spokesman David Ausiello emailed Postmedia and authorities did not comment on questions about Biller’s whereabouts. Said.

However, in a complaint filed in court, the SEC nominated Biller as one of two “closers” who sealed the transaction set up by up to 10 junior participants.

The news of the accusation was disappointing, but not surprising, to Barbara Mayer in North Vancouver. She and her husband, Wendell, lost $ 850,000 on the Eron mortgage scheme. This turned out to be a Ponzi scheme led by Brian Slovozian, president of the mortgage company, with the help of Biller.

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“I felt very sad for anyone involved in these things because it’s catastrophic,” Mayer said Thursday. “It’s the death of your money, I always said it.” She told it directly to the British Columbia Supreme Court’s Slobodian during the 2005 proceedings.

Slobogian and Biller have pleaded guilty to five frauds related to Eron’s deal that tricked $ 28 million investors, but in total Eron has launched 80 deals and 3,000 investors Lost $ 175 million.

Slovozian was sentenced to six years in prison and three years in prison by Judge Mary Ellen Wilson, admitting Biller’s youth and saying he had saved the court from a difficult trial on his plea.

Boyd writes that Biller was not well educated and “faithfully followed Elon’s vision” set by Slovozian without compromising guilt.

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Biller and Slovozian left prison in less than a year, and Biller was released by parole to a half-hearted home somewhere in Ontario.

Mayer, now 75, said the victim felt “not enough time”. They hurt so many people and they became almost poor. “

“Some people I knew were sick and had a heart attack,” Mayer said, and she wasn’t surprised to hear that he had a problem again.

“So I hope the billers will be cleaned up and cleaned up forever,” Mayer said.

David Baines, a long-time retired white-collar crime columnist at Vancouver Sun, has taken up the Elon case, and new allegations provide more evidence that courts need to prosecute such fraud more aggressively. Said that.

Before the criminal conviction, Mr. Baines said the BC Securities Commission had banned the capital markets for 10 years over the Eron scandal, which Biller characterized as “treating children’s gloves because he escaped me.” rice field.

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Biller was again sanctioned by the BC Commission for overseeing another so-called boiler room in downtown Vancouver in 2002. In 2007, the Commission banned Biller from the BC market for a lifetime, based on the approval of the case.

“The key is criminal prosecution,” Baines said Thursday. “Biller was sentenced to three years in prison. He was probably released on parole within six months. This was a cruel joke for many victims.

Neil Boyd, a criminal scholar at Simon Fraser University, conducted an investigation into Elon’s victims. In that study, most were in their 50s and invested in plans to look for safe retirement savings.

“That’s the horrifying predatory reason for this kind,” Boyd said. “It focuses on people who are approaching retirement without sufficient resources.”

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Boyd casts doubt on the types of penalties given to those engaged in this, given the $ 175 million lost in the Eron fraud and “proof of obvious harm to personal health.” I have. ” Their financial well-being. “

Another of his findings was that Boyd “tends to underestimate the consequences of financial crime as a culture.” Financial crimes are devastating and can become more prevalent with technology.

Biller, who is now 52 years old and is stated to live in Medellín in a SEC complaint, has been nominated as a partner to run a boiler room with Dove.

The SEC claims that it was commissioned by a group that manages the significant holdings of the penny stock company to increase its holding value and sell the shares from the company’s secured lead list to unprotected investors.

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The companies involved are traded over-the-counter rather than on major stock exchanges, and insiders in the Medezin business create illusions of investor interest and inflate their value before selling to outside buyers. Because of this, it is alleged that stocks were traded between Nominee accounts.

Enforcement began in the spring of 2018 when Biller and Dub connected with a new client who was allegedly working secretly for law enforcement.

In the recorded evidence, the principal explains how he used a pseudonym or a fictitious investor affiliate by completing a fake website, shutting down the website and canceling the call. did. Then start the next promotion again with a new name and phone number.

According to complaints, Biller boasted that the boiler room had generated US $ 100 million in sales throughout its history.

The SEC claims that the boiler room has promoted shares in at least 18 companies and has generated US $ 58 million in revenue for the control group. The complaint specifically mentions three companies, Oroplata Resources Inc., Garmetex Holdings Ltd., and PureSnax International Inc.

depenner@postmedia.com

twitter.com/derrickpenner

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Elon Mortgage Numbers Francis Biller Faces Fraud Cases In The U.S.

Source link Elon Mortgage Numbers Francis Biller Faces Fraud Cases In The U.S.

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