Aujla <MAujla@bcsc.bc.ca>
Subject: BCSC News Release: BCSC secures order for sale of Hawaiian propertyowned by David Michael Michaels
PLAIN TEXT:
BCSC secures order for sale of Hawaiian property owned by David Michael Michaels
Fraud victims to benefit from proceeds of the sale
Vancouver - The British Columbia Securities Commission (BCSC) has obtained a court order from the Third Circuit Court
--->of the State of Hawaii for the sale of property belonging to David Michael Michaels. The BCSC will receive the proceed
--->s of the sale, which it can then return to victims of Michaels' fraud.
In August 2014, a BCSC panel found that Michaels committed fraud against 484 investors, many of them seniors. In Octob
--->er 2014, the panel imposed sanctions against Michaels totaling $23.3 million.
In 2015, as part of its efforts to collect against Michaels, the BCSC launched a lawsuit against property in Hawaii an
--->d a separate lawsuit in B.C. in relation to a property located in Mill Bay. Michaels is a co-owner of the Hawaii prope
--->rty, but does not own the Mill Bay property.
On June 12, 2018, the Commission entered into an agreement with Michaels that will result in the BCSC recovering funds
---> for the benefit of investors. Under the agreement, the Hawaii property will be sold and the BCSC will receive the pro
--->ceeds. The BCSC will also receive a cash payment of $50,000 from Michaels. The BCSC will then distribute both amounts
--->to investors.
The agreement does not affect the BCSC's ability to continue to collect against Michaels' outstanding sanctions.
"This is a great outcome for victims of Mr. Michaels' misconduct," says Doug Muir, Director of Enforcement at the BCSC
--->. "It avoids the further delay and uncertainty of lawsuits, which means we will have money to return to victims sooner
--->. The BCSC will continue our efforts to collect our sanctions against Mr. Michaels, and this agreement is a good step
--->as part of that process."
The BCSC will post a notice on its website when the money has been received, along with instructions on how investors
--->can make claims.
About the British Columbia Securities Commission (www.bcsc.bc.ca<http://www.bcsc.bc.ca>)
The British Columbia Securities Commission is the independent provincial government agency responsible for regulating
--->capital markets in British Columbia through the administration of the Securities Act. Our mission is to protect and pr
--->omote the public interest by fostering:
* A securities market that is fair and warrants public confidence
* A dynamic and competitive securities industry that provides investment opportunities and access to capital
- 30 -
Media Contact:
Andrew Poon
604-899-6880
Public inquiries:
604-899-6854 or 1-800-373-6393 (toll free)
inquiries@bcsc.bc.ca<mailto:inquiries@bcsc.bc.ca>
Learn how to protect yourself and become a more informed investor at www.investright.org<http://www.investright.org/>
________________________________
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<p class="MsoNormal" align="center" style="text-align:center"><b><span lang="EN-GB">BCSC secures order for sale of Haw
--->aiian property owned by David Michael Michaels<o:p></o:p></span></b></p>
<p class="MsoNormal"><b><span lang="EN-GB"><o:p> </o:p></span></b></p>
<p class="MsoNormal" align="center" style="text-align:center"><b><i><span lang="EN-GB">Fraud victims to benefit from p
--->roceeds of the sale
</span></i></b><b><span lang="EN-GB"><o:p></o:p></span></b></p>
<p class="MsoNormal"><b><span lang="EN-GB"><o:p> </o:p></span></b></p>
<p class="MsoNormal"><b><span lang="EN-GB">Vancouver</span></b><span lang="EN-GB"> - The British Columbia Securities C
--->ommission (BCSC)
</span>has obtained a court order from the Third Circuit Court of the State of Hawaii for the sale of property belongi
--->ng to David Michael Michaels. The BCSC will receive the proceeds of the sale, which it can then return to victims of M
--->ichaels' fraud.<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">In August 2014, a BCSC panel found that Michaels committed fraud against 484 investors, many of t
--->hem seniors. In October 2014, the panel imposed sanctions against Michaels totaling $23.3 million.<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal"><span lang="EN-CA">In 2015, as part of its efforts to collect against Michaels, the BCSC launched
---> a lawsuit against property in Hawaii and a separate lawsuit in B.C. in relation to a property located in Mill Bay.&nb
--->sp;Michaels is a co-owner
of the Hawaii property, but does not own the Mill Bay property. <o:p></o:p></span></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">On June 12, 2018, the Commission entered into an agreement with Michaels that will result in the
--->BCSC recovering funds for the benefit of investors. Under the agreement, the Hawaii property will be sold and the BCSC
---> will receive the proceeds.
The BCSC will also receive a cash payment of $50,000 from Michaels. The BCSC will then distribute both amounts to inv
--->estors.<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">The agreement does not affect the BCSC's ability to continue to collect against Michaels' outstan
--->ding sanctions.
<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">"This is a great outcome for victims of Mr. Michaels' misconduct," says Doug Muir, Director of En
--->forcement at the BCSC. "It avoids the further delay and uncertainty of lawsuits, which means we will have money to ret
--->urn to victims sooner.
The BCSC will continue our efforts to collect our sanctions against Mr. Michaels, and this agreement is a good step a
--->s part of that process."<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">The BCSC will post a notice on its website when the money has been received, along with instructi
--->ons on how investors can make claims.<o:p></o:p></p>
<p class="MsoNormal"><span lang="EN-GB"><o:p> </o:p></span></p>
<p class="MsoNormal"><b><u><span lang="EN-GB">About the British Columbia Securities Commission (</span></u></b><a href
--->="http://www.bcsc.bc.ca"><b><span lang="EN-GB">www.bcsc.bc.ca</span></b></a><b><u><span lang="EN-GB">)<o:p></o:p></spa
--->n></u></b></p>
<p class="MsoNormal"><span lang="EN-GB"><o:p> </o:p></span></p>
<p class="MsoNormal"><span lang="EN-GB">The British Columbia Securities Commission is the independent provincial gover
--->nment agency responsible for regulating capital markets in British Columbia through the administration of the
<i>Securities Act</i>. Our mission is to protect and promote the public interest by fostering:<o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-GB"><o:p> </o:p></span></p>
<p class="MsoNormal" style="margin-left:.25in;text-indent:-.25in;mso-list:l0 level1 lfo2;background:white">
<![if !supportLists]><span lang="EN" style="font-size:10.0pt;font-family:Symbol"><span style="mso-list:Ignore">·
--->;<span style="font:7.0pt "Times New Roman"">
</span></span></span><![endif]><span lang="EN">A securities market that is fair and warrants public confidence
<o:p></o:p></span></p>
<p class="MsoNormal" style="margin-left:.25in;text-indent:-.25in;mso-list:l0 level1 lfo2;background:white">
<![if !supportLists]><span lang="EN" style="font-size:10.0pt;font-family:Symbol"><span style="mso-list:Ignore">·
--->;<span style="font:7.0pt "Times New Roman"">
</span></span></span><![endif]><span lang="EN">A dynamic and competitive securities industry that provides investment
--->opportunities and access to capital
<o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-GB"><o:p> </o:p></span></p>
<p class="MsoNormal" align="center" style="text-align:center"><span lang="EN-GB">- 30 -<o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-GB"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="color:black">Media Contact:<br>
Andrew Poon<br>
604-899-6880</span><span style="color:black"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-GB"><o:p> </o:p></span></p>
<p class="MsoNormal"><span lang="EN-GB">Public inquiries:<br>
604-899-6854 or 1-800-373-6393 (toll free)<br>
</span><a href="mailto:inquiries@bcsc.bc.ca"><span lang="EN-GB" style="color:blue">inquiries@bcsc.bc.ca</span></a><spa
--->n lang="EN-GB"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-GB"><o:p> </o:p></span></p>
<p class="MsoNormal"><span lang="EN-GB">Learn how to protect yourself and become a more informed investor at </sp
--->an><a href="http://www.investright.org/" target="_blank" title="www.investright.org"><span lang="EN-GB" style="color:b
--->lue">www.investright.org</span></a><span lang="EN-GB" style="color:blue"><o:p></o:p></span></p>
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