SEC acts for victims of IFC fraud in Canada and US
LOSSES & LAWSUITS
The SEC states that Daniel Byer, Malcolm Stevenson and Preston Pinkett II defrauded investors by promoting and selling investments in US-based International Fiduciary Corporation (IFC) to more than 180 people.
The current SEC action alleges that from July 2003 to the present, the defendants solicited a minimum $100,000 from investors in what was promised to be a risk-free programme with a monthly rate of return in 2006 of 6% a month, or 72% a year. These actions contravene parts of the 1933 Securities Act and the 1934 Securities Exchange Act.
In November, the British Columbia Securities Commission issued a temporary order and notice of hearing, ordering the defendants to cease trading the IFC investments to residents of British Columbia.
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