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B.C. man fined $20,000 for role in failed investment plan that cost him over a million dollars

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Hogaboam had no history of regulatory misconduct in B.C. and lost over $1 million in the same investment plan that he brought other investors into.

A man who lost over $1 million in an investment plan is now being forced to pay $20,000 to the B.C. Securities Commission for his role in the plan.

According to an agreed upon statement of facts, between July, 2013 and July, 2015, Lyle Charles Hogaboam introduced six investors to the issuer of securities, who then bought $585,000 worth of those securities. Hogaboam was paid $11,700 in finder’s fees. The BCSC subsequently investigated Hogaboam and determined he was not licensed to trade in securities and had therefore traded without a permit.

 

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