The regulator discovered that White and her firm advised buyers that their investments would assist home individuals who confronted boundaries to housing due to the acquisition, enchancment, and sale of properties at a revenue.
A few of those that invested have been attracted by White’s use of “shared religious values and by rigorously constructing belief by way of representations about her household’s alignment with the Salvation Military Church and customary goals and aspirations,” the BCSC stated.
Traders’ funds have been used to repay earlier buyers whereas some was additionally used to repay a private mortgage from White’s stepfather. Kingdom illegally distributed greater than $1.18 million value of securities to 24 buyers with out a prospectus.
“The harm executed to the buyers on this case can’t be overstated,” the BCSC panel stated. “Traders shared their anger, regret for belief misplaced and shed tears whereas talking of emotions of violation, disappointment, self-doubt, disgrace, remorse, guilt and failure.”
The regulator’s panel stated that White made herself tough to find and talk with and promised returns to buyers, typically for years, with out them materializing. She additionally used “aggressive techniques on buyers by making a false sense of urgency.” This included accompanying one investor to their monetary establishment to get a fee regardless of employees on the FI trying to warn the investor.
