The British Columbia Securities Commission (BCSC) says it has won a court decision in Nevada that enforces a $21.7 million order against a man accused of defrauding his Canadian clients. It says it is the first time a court in the United States has recognized an order from the commission. The BCSC says Michael Lathigee committed fraud more than a decade ago by raising millions from almost 700 investors without telling them his company was in severe financial trouble. In 2014, it ordered Lathigee to repay the investors and pay a $15 million administrative penalty, and permanently banned him from trading in securities in B.C. The BCSC says Lathigee moved from Vancouver to Las Vegas, prompting it to go to court in Nevada to enforce the order.

Source: CBC News May 23, 2019 16:07 UTC