The BC Securities Commission has made claims and accused three residents living in British Columbia and two mortgage investment corporations of committing a fraud, as indicted. The companies which are located in B.C. that has held themselves out as mortgage investment corporations are the DominionGrand Investment Fund Inc. (DG Fund) and the DominionGrand II Mortgage Investment Corporation (DG Mortgage). The mortgage firms are being managed by Donald Bruce Edward Wilson, Patrick K. Prinster and David Scott Wright.
The alleged claim by BCSC shows that the respondents has gotten from their 40 investors about $1.1 million, which was collected. The investors were informed that the cash would be put into mortgages which is tenable by real estate.
On the other hand, none of the cash was invested by the respondents into mortgages, rather, most of the money from the investors will be distributed to other firms linked to the respondents, commissions to finders and business expenditures.
In the notice of the hearing, the three name that were mentioned are supposedly legally responsible to the alleged fraudulent act of the companies. The alleged claims has still not be proven nor confirmed yet. The Executive Director of the Counsel will apply to have the date schedule for a court hearing concerning the alleged claims in the presence of a panel of commissioners, on the 11th of July at 9 am prompt.