Securities Commission panel has imposed fines and market bans on a Surrey pastor, his son, another man and the companies they controlled over a real estate investment scheme. The commission says Pastor Alan Braun, Jerry Braun, Steven Maxwell — also known as Steven Fassman — and three companies took $450,000 from two investors telling them they were buying real estate in Edmonton that would generate a high rate of return. The panel says the men used the money for other purposes, including mortgage payments and their own personal living expenses. It has ordered Alan Braun and Maxwell to pay the same amount taken from the investors. Alan Braun must also pay $450,000 in administrative penalties, while Maxwell has been fined $300,000.

Source: CBC News February 20, 2019 13:00 UTC