(File photo)

$450K real estate scheme involved Surrey pastor and son: regulator

BCSC panel finds Steven Maxwell, Alan and Jerry Braun took money from two investors in a fraudulent investment scheme

British Columbia Securities Commission (BCSC) has found that two Surrey residents – a pastor and his son – and a White Rock resident committed fraud against two people in a real estate related investment scheme.

A BCSC panel found that Alan and Jerry Braun, and Steven Maxwell (also known as Steven Fassman), committed fraud when they took $450,000 from two investors in three different transactions.

Braun previously served as a senior pastor at Royal Heights Baptist Church in Delta.

“In each case, the prohibited act or deception clearly resulted in the risk of deprivation and, ultimately, actual deprivation to the investors,” the panel said in its findings.

In an Oct. 24 release, BCSC also stated that the panel made fraud findings against three corporate entitites – Braun Developments (B.C.) Ltd., 0985812 B.C. Ltd. (TerraCorp Investment Ltd.), and 8022275 Canada Inc.

The panel also found that Braun Developments and 8022275 Canada Inc. committed fraud with respect to the three investments in the amount of $450,000, and TerraCorp Investment committed fraud with respect to two of the investments in the amount of $300,000.

According to BCSC, Alan and Jerry Braun, both directors and officers of Braun Developments and TerraCorp Investment, were responsible for directing the affairs of both entities. Maxwell was a director of 8022275 Canada Inc. and was responsible for its affairs, the BCSC stated.

“The three men and the companies that they controlled deceived the investors by leading them to believe that they were purchasing real estate investments in Edmonton that would yield very high returns in a short period,” noted the release from BCSC. “In the end, the Brauns and Maxwell did not use the investors’ money to invest in real estate. Instead, they used the investors’ money for other purposes, including for their own personal living expenses.”

The panel directed the parties to make submissions on sanctions according to the schedule set out in the findings.

Sanctions are still to come.



amy.reid@surreynowleader.com

Like us on Facebook Follow us on Instagram and follow Amy on Twitter

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Police tape is shown in Toronto Tuesday, May 2, 2017. (Graeme Roy/The Canadian Press)
CRIME STOPPERS: ‘Most wanted’ for the week of Oct. 18

Crime Stoppers’ weekly list based on information provided by police investigators

Signs at a new COVID-19 testing and collection centre at 14577 66th Ave. in Surrey. It was relocated from an urgent primary care centre near Surrey Memorial Hospital. This new centre allows for up to 800 tests per day, which is 550 more than the previous centre, according to Fraser Health. (Photo: Lauren Collins)
Surrey’s COVID-19 case count exceeds 1,800

About 800 new cases in September

Ivan Scott. (Aaron Hinks photo)
Surrey mayor enters word war with speakers, councillor

McCallum calls brief recess after asking two speakers to leave chambers

A reminder to students at Surrey’s Strawberry Hill Elementary to physically distance during the COVID-19 pandemic. (Photo: Lauren Collins)
Nine Surrey schools reporting COVID-19 exposures

INTERACTIVE TABLE: Search for schools, organize by exposure dates

Montreal-based writer Michael Foy grew up in the Newton area of Surrey. (submitted photo)
Surrey-raised writer Foy really loves to set his short stories in the city

His latest is published in ‘Canadian Shorts II’ collection

FILE – People wait in line at a COVID-19 testing facility in Burnaby, B.C., on Thursday, August 13, 2020. THE CANADIAN PRESS/Darryl Dyck
167 new COVID-19 cases, 1 death recorded as B.C. enters 2nd wave

Three new healthcare outbreaks also announced

Maple Meadows Station’s new Bike Parkade. TransLink photo
TransLink to remove abandoned or discarded bicycles from bike parkades

Rules at TransLink bike parkades ask customers to use facilities for single day use only

This 2020 electron microscope image made available by the National Institute of Allergy and Infectious Diseases shows a Novel Coronavirus SARS-CoV-2 particle isolated from a patient, in a laboratory in Fort Detrick, Md. THE CANADIAN PRESS/AP-NIAID/NIH via AP
At least 49 cases of COVID-19 linked to wedding in Calgary: Alberta Health

McMillan says the city of Calgary has recently seen several outbreaks linked to social gatherings

UBC geoscientists discovered the wreckage of a decades-old crash during an expedition on a mountain near Harrison Lake. (Submitted photo)
Wreckage of decades-old plane crash discovered on mountain near Harrison Lake

A team of Sts’ailes Community School students helped discover the twisted metal embedded in a glacier

The official search to locate Jordan Naterer was suspended Saturday Oct. 17. Photo courtesy of VPD.
‘I am not leaving without my son,’ says mother of missing Manning Park hiker

Family and friends continue to search for Jordan Naterer, after official efforts suspended

Join Black Press Media and Do Some Good

Pay it Forward program supports local businesses in their community giving

A bear similar to this black bear is believed responsible for killing a llama in Saanich on Oct. 19. (Black Press Media file photo)
Bear kills llama on Vancouver Island, prompting concerns over livestock

Officers could not track the bear they feel may not fear humans

RCMP crest. (Black Press Media files)
RCMP cleared in fatal shooting of armed Lytton man in distress, police watchdog finds

IIO spoke to seven civillian witnesses and 11 police officers in coming to its decision

A 34-year-old man was treated for a gunshot wound in Williams Lake Monday, Oct 19, 2020. (Angie Mindus photo - Williams Lake Tribune)
Williams Lake man treated for gunshot wound after accidental shooting: RCMP

Police are reminding residents to ensure firearms are not loaded when handling them

Most Read