(Black Press Media files)

Nevada court orders former Vancouver man to pay back $21.7M to investors

The commission says Michael Lathigee committed fraud over a decade ago

The British Columbia Securities Commission 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 B.C. commission.

The commission says Michael Lathigee committed fraud over 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, pay a $15 million administrative penalty and permanently banned him from trading in securities in B.C.

The commission says Lathigee moved from Vancouver to Las Vegas, prompting it to go to court in Nevada to enforce the order.

It says in a news release that Lathigee has appealed the decision to the Supreme Court of Nevada and that it is working with its legal counsel to determine its next steps.

“We’ve done everything in our power to collect from Michael Lathigee, because if we collect, we can return money to his victims,” Doug Muir, the commission’s director of enforcement, said in the release. “This decision sends a strong message that people can’t just leave the country to avoid the consequences of their wrongdoing.”

READ MORE: $450K real estate scheme involved Surrey pastor and son, regulator says

READ MORE: B.C. pot dispensary landlord must pay $96,000 in fines, says judge

The Canadian Press


Like us on Facebook and follow us on Twitter.

Just Posted

The show won’t go on without Terry Brennan

The Capitol Theatre’s technical director is its true star

Four injured in Wednesday evening crash near Beasley

Police say alcohol may have been a factor in the incident

GREG SCOTT: Nelson area raises $642,000 in final Victory Loan Campaign

From the archives of the Nelson Daily News in 1919

Nelson municipal candi-dating returns for anniversary event

Citizens can talk directly with council members about their first year in office

B.C. First Nation Chief Ed John faces historic sex charges

John served as minister for children and families under then-premier Ujjah Dosanjh

Nearly half of B.C. drivers nervous in winter conditions: BCAA

‘Wait and see’ approach common practice for 32% of B.C. motorists

Yelling at your dog might hurt its long-term mental health: study

Researchers find dogs trained using negative reinforcement are more ‘pessimistic’

At least 3 hurt in California school shooting, gunman sought

Los Angeles County Sheriff’s Department looking for a male suspect in black clothing was seen at the location

Transgender inmate in Surrey denied transfer to women’s prison

Petitioner argued denial of transfer to women’s prison was unreasonable and unfair

Community uses loophole to paint 16 rainbow crosswalks after B.C. council says no

So far 11 rainbows are painted and five planned, all since council denied the first proposal in September

Adoption centre closes despite effort to save it; B.C. left with two agencies

Choices Adoption and Pregnancy Counselling in Victoria was set to close in April

Most Read