A Vancouver woman who ran a business that bought and sold houses is being charged with fraud.
The British Columbia Securities Commission (BCSC) has filed charges against a Vancouver woman and the real estate business she owned for fraud, improper distribution of securities, and obstructing justice.
Cherie Evangeline White and her business, KingdomInvestments2015 Inc., have not been proven. The British Columbia Securities Commission will hear the case next month.
The BCSC says that White was the only director and officer of the company. The company used to be called KingdomRealty Inc. and Kingdom Investments Inc.
The BCSC said that the group was “a real estate investment business that made investors a lot of money through “fixing and flipping” and “buying and holding” properties.”
The commission says that between 2017 and 2018, White and her company used about $176,000 from nine investors to pay back other investors and a personal loan. Even though the investors were supposedly told that their money would be used to buy real estate, this is what happened.
The BCSC also says that White and her company got an extra $100,000 from two investors in August 2018 without telling those investors that the company was behind on paying other investors.
The BCSC says that these two things were acts of fraud.
White and her company raised about $1.25 million from 24 investors between 2016 and 2019 for the alleged illegal distribution. The commission says that these investors were given securities without a prospectus, and White and Kingdom did not get an exemption from having to give a prospectus.
The obstruction of justice charge comes from the fact that White didn’t give records to BCSC employees during a required interview in December 2020. The commission says White told investigators that doing so would be “a waste of her time.”
White has been asked to come to the BCSC offices on July 14 if she wants to be heard before the commission sets up a hearing.
