Warning issued ahead of hearing
British Columbia’s securities regulator has issued a notice of hearing alleging involvement in a multi-million-dollar Ponzi scheme.
The BCSC alleges that Todd Norman John Bezzasso, Bezzaz Holdings Group Ltd., Nexus Global Trading Ltd., Wei Kai Liao (also known as Kevin Liao) and Fiorino Corsi participated in a fraudulent investment scheme.
The regulator says that Bezzasso raised approximately $5 million from investors via BC incorporated firms Bezzaz and Nexus between February 2015 and March 2016.
The allegation is that he told investors that the companies would generate monthly returns from various investments and products but he should have known that it would not be possible to generate the returns promised.
It is also alleged that Liao advised investors of approximately $1.6 million despite not being registered under the Securities Act.
BCSC says that even when they knew that Bezzaz and Nexus were having problems paying investors, Liao raised $382,000 and Corsi raised $15,000; it says that neither disclosed the problems to the investors.
None of the allegations have been proven. Counsel for the Executive Director will apply to set dates for a hearing into the allegations before a panel of commissioners on September 11, 2018 at 9:00 a.m.
