A B.C. man that raised money from investors for his purported merchandising business has been permanently banned, and is paying over $300,000 in a settlement with the British Columbia Securities Commission (BCSC).
According to the settlement, between January 2021 and May 2022, David Lawrence Pazurik raised more than $200,000 from investors by promising them a share of the profits from his promotional business, Pazman Promotions.
However, he spent most of the money ($146,456) on gambling, personal expenses and payments to friends, the regulator alleged — while only $39,280 was paid to investors.
In doing so, he committed fraud and breached the securities law, the settlement said.
To resolve the case, Pazurik agreed to pay $107,176 in disgorgement, and another $200,000 to settle the case. He was also permanently banned from the markets in B.C.