Former North Delta pastor, son ‘preyed upon shared spirituality’ to defraud investors of $450K: BCSC

BCSC panel publishes financial sanctions against Alan and Jerry Braun, Steven Maxwell

The British Columbia Securities Commission (BCSC) has imposed “financial sanctions and market bans” against companies controlled by a former North Delta pastor, his son and a White Rock resident.

They have been found to have committed fraud in a real estate investment scheme, according to the BCSC.

Surrey residents Alan Braun and Jerry Braun, and White Rock’s Steven Maxwell (also known as Steven Fassman) were found to have taken $450,000 from two investors in three separate transactions.

According to the findings of a BCSC panel, the trio led investors to believe they would receive high returns in a short period by putting money into Edmonton real estate. Instead, the Brauns and Maxwell used the money for “other purposes, including their own personal living expenses.”

In a Feb. 19 press release, the securities panel said the misconduct of the three men “was exacerbated by what can only be described as the predatory nature” of the investment deals. One of the investors was described as “vulnerable,” and the panel noted that the Brauns “preyed upon a shared spirituality with the investor.”

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

The BSCS will require Maxwell to pay $120,500, and Alan Braun to pay $323,500, with Jerry Braun and Braun Developments liable for about $157,000 of the order made against Alan Braun.

On top of those requirements, the BSCS panel imposed nearly $1 million of administrative penalties for the men’s misconduct: $450,000 against Alan Braun, $300,000 against Maxwell and $200,000 against Jerry Braun.

All three men are also subject to bans on certain market activities.

Alan Braun and Maxwell are permanently banned from working as a company’s director or officer, registrant or promoter, they are not allowed to serve in management or consultative positions in the securities market, or engage in investor relations, the trading of buying securities or exchange contracts.

Jerry Braun is banned from the same activities for at least 15 years.



editor@cloverdalereporter.com

Like us on Facebook and follow us on Twitter

Just Posted

South Surrey senior says violent bike crash was a ‘blessing in disguise’

Six people stopped to help Dave Rogers after he crashed his bike and broke his collarbone

Mistrial declared in Jamie Bacon murder plot trial

Bacon was on trial for counselling to commit the murder of Person X

Public hearing planned for Campbell Heights development

Project to see the removal of more than 500 trees

City of White Rock tells residents to keep distance from pier project

Residents and tourists are asked to stay at least 100 metres away from barge

White Rock students deliver donation to low-income families

Seniors, kids and more to benefit from Peace Arch Elementary students’ efforts

Police say it’s “impressive” no arrests were made after Raptors celebrations

Toronto will play the Western Conference champion Golden State Warriors next

Semis catch fire at wrecker off Highway 1 in west Abbotsford

Crews called to scene at around 2 p.m., finding up to six semis that had caught fire at the wrecker

Social media giants in hot seat as politicians consider regulations in Ottawa

Committee members will also grill representatives from Facebook, Twitter

Wildfire crews watching for dangerous wind shift in High Level, Alta.

The Chuckegg Creek fire is raging out of control about three kilometres southwest of the town

UN urges Canada to take more vulnerable Mexican migrants from Central America

The request comes as the United States takes a harder line on its Mexican border

B.C. VIEWS: Money-laundering melodrama made for TV

Public inquiry staged to point fingers before 2021 election

Canadian homebuyers escaping high housing costs by moving to secondary cities

In British Columbia, exurbs have grown in the Hope Valley and Kamloops

Feds lay out proposed new rules for voice, video recorders in locomotives

Transport Canada wants to limit use of recorders to if a crew’s actions led to a crash

Most Read