The B.C. Securities Commission panel has found that a man and two companies operating in the province committed fraud against investors through a Ponzi scheme that raised about $5 million.

The panel found Todd Norman John Bezzasso raised the money from 85 investors through Bezzaz Holdings Group Ltd. and Nexus Global Trading Ltd.

A commission news release said Friday that investors were told Nexus was contracted to distribute alcohol in B.C. and that Bezzazo sold a variety of products including health supplements and e-cigarettes.

It says investors were promised rates of return between five and 30 per cent, but the panel found Bezzasso was actually operating the Ponzi scheme and investors funds were used to pay earlier investors.

The panel also found that Richmond resident Wei Kai Liao, known as Kevin Liao, committed fraud, sold securities and acted as an advisor for some of those investors.

The panel says it will impose sanctions after hearing submissions from the commission staff and respondents.

The Canadian Press

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