British Columbia Securities Commission

British Columbia Securities Commission

January 31, 2007 09:30 ET

BCSC Executive Director's Bulletin: Securities Regulator Gives Notice of a Hearing Into Alleged Fraud

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 31, 2007) - The Executive Director of the British Columbia Securities Commission has issued a notice of hearing alleging that a Vancouver businessman committed fraud, made false statements to prospective investors and illegally raised about $288,000 from 11 B.C. investors.

The notice of hearing says that, from December 2000 to January 2005, Laurence Michael Schlosser allegedly violated securities laws in selling securities of Global Village West Marketing Group without proper registration and filing a prospectus as required under securities laws.

The notice alleges that Schlosser made false statements to investors when he told them that Global Village:

- was soon to become an incorporated company

- had waste receptacles designed and manufactured by Rubbermaid and already in service

- had secured contracts with large companies such as Adidas and TaylorMade Golf to buy advertising space on the waste receptacles

- was about to be purchased by a large American advertising company

The notice also alleges that Schlosser spent a large part of the money raised from investors for his own personal use and committed fraud through a series of transactions.

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.

The B.C. Securities Commission is the independent provincial government agency responsible for regulating trading in securities within the province. You may view notices of hearings on our website www.bcsc.bc.ca. If you have questions, contact Andrew Poon, Media Relations, 604-899-6880.

Contact Information

  • British Columbia Securities Commission
    Andrew Poon
    (604) 899-6880 or (B.C. & Alberta) 1-800-373-6393
    Website: www.bcsc.bc.ca