Aujla <MAujla@bcsc.bc.ca>
Subject: BCSC News Release: BCSC alleges Ponzi scheme
PLAIN TEXT:
BCSC alleges Ponzi scheme
Vancouver - The Executive Director of the British Columbia Securities Commission (BCSC) has issued a notice of hearing
---> alleging that Todd Norman John Bezzasso, Bezzaz Holdings Group Ltd., Nexus Global Trading Ltd., Wei Kai Liao (also kn
--->own as Kevin Liao) and Fiorino Corsi participated in a fraudulent investment scheme.
Bezzaz and Nexus were incorporated in B.C. at all relevant times. Bezzasso was the sole director and officer of Bezzaz
---> and Nexus, Liao was a finder for Bezzaz and a licensed insurance agent, and Corsi was a finder for Bezzaz and Nexus.
--->All three men are B.C. residents.
The Executive Director alleges that between February 2015 and March 2016, Bezzasso raised approximately $5 million fro
--->m investors through Bezzaz and Nexus. He told investors the companies would generate monthly returns from various inve
--->stments and products, after he knew or ought to have known that they would not generate sufficient returns to pay inve
--->stors as promised. By February 2015, Bezzasso was operating a Ponzi scheme, with existing investors being paid out of
--->funds that came from new investors.
The notice also alleges Liao advised investors who invested approximately $1.6 million in Bezzaz, despite not being re
--->gistered under the Securities Act. He raised $382,000 of this after he knew that Bezzaz was having problems paying inv
--->estors. He did not disclose what he knew to these investors.
The notice alleges Corsi raised $15,000 from one Nexus investor after he knew that Bezzaz and Nexus were having proble
--->ms paying investors. He did not disclose this to the investor.
These allegations have not 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.
You may view the amended notice of hearing on our website, www.bcsc.bc.ca<http://www.bcsc.bc.ca>, by typing Todd Norma
--->n John Bezzasso, Bezzaz Holdings Group Ltd., Nexus Global Trading Ltd., Wei Kai Liao, Kevin Liao, and Fiorino Corsi or
---> 2018 BCSECCOM 219 in the search box. Information about disciplinary proceedings can be found in the Enforcement secti
--->on<https://www.bcsc.bc.ca/Enforcement/> of the BCSC website.
Please visit the Canadian Securities Administrators' (CSA) Disciplined List<http://www.securities-administrators.ca/di
--->sciplinedpersons.aspx?id=74> for information relating to persons and companies disciplined by provincial securities re
--->gulators, the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association of
---> Canada (MFDA).
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 alleges Ponzi scheme<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 Executive Director of the Bri
--->tish Columbia Securities Commission (BCSC) has issued a notice of hearing alleging that Todd Norman John Bezzasso, Bez
--->zaz Holdings Group Ltd.,
Nexus Global Trading Ltd., Wei Kai Liao (also known as Kevin Liao) and Fiorino Corsi participated in a fraudulent inv
--->estment scheme.<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">Bezzaz and Nexus were incorporated in B.C. at all relevant times. Bezzasso was
---> the sole director and officer of Bezzaz and Nexus, Liao was a finder for Bezzaz and a licensed insurance agent, and C
--->orsi was a finder for
Bezzaz and Nexus. All three men are B.C. residents.<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">The Executive Director alleges that between February 2015 and March 2016, Bezz
--->asso raised approximately $5 million from investors through Bezzaz and Nexus. He told investors the companies would ge
--->nerate monthly returns
from various investments and products, after he knew or ought to have known that they would not generate sufficient r
--->eturns to pay investors as promised. By February 2015, Bezzasso was operating a Ponzi scheme, with existing investors
--->being paid out of funds
that came from new investors.<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">The notice also alleges Liao advised investors who invested approximately $1.6
---> million in Bezzaz, despite not being registered under the Securities Act. He raised $382,000 of this after he knew th
--->at Bezzaz was having
problems paying investors. He did not disclose what he knew to these investors.<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">The notice alleges Corsi raised $15,000 from one Nexus investor after he knew
--->that Bezzaz and Nexus were having problems paying investors. He did not disclose this to the investor.<o:p></o:p></spa
--->n></p>
<p class="MsoNormal"><span lang="EN-GB"><o:p> </o:p></span></p>
<p class="MsoNormal">These allegations have not been proven. Counsel for the Executive Director will apply to set date
--->s for a hearing into the allegations before a panel of commissioners on September 11, 2018 at 9:00 a.m.<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">You may view the amended notice of hearing on our website, <a href="http://www.bcsc.bc.ca">
www.bcsc.bc.ca</a>, by typing Todd Norman John Bezzasso, Bezzaz Holdings Group Ltd., Nexus Global Trading Ltd., Wei Ka
--->i Liao, Kevin Liao, and Fiorino Corsi or 2018 BCSECCOM 219 in the search box. Information about disciplinary proceedin
--->gs can be found in the
<a href="https://www.bcsc.bc.ca/Enforcement/">Enforcement section</a> of the BCSC website.<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">Please visit the Canadian Securities Administrators' (CSA) <a href="http://www.securities-adminis
--->trators.ca/disciplinedpersons.aspx?id=74">
Disciplined List</a> for information relating to persons and companies disciplined by provincial securities regulators
--->, the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association of Canada
--->(MFDA).<span 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"><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">inquiries@bcsc.bc.ca</span></a><span 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">www.investrigh
--->t.org</span></a><span lang="EN-GB" style="color:blue"><o:p></o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D"><o:p> </o:p></span></p>
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--->vent their spread.<br>
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