A Victoria man acting as a salesperson for a real estate investment company has pleaded guilty to misappropriating investors' funds.
A Victoria man acting as a salesperson for a real estate investment company has been ordered to pay $77,000 for misappropriating investors’ funds between 2013 to 2019.
Randolph Michael Rochefort, 70, pleaded guilty in B.C. Provincial Court in Victoria on Nov. 7 to four counts of theft over $5,000.These charges are a result of an investigation by the B.C. Securities Commission’s Criminal Investigations Branch.Sign up for our newsletter to get breaking news and daily digests sent to your email.According to BCSC, Rochefort worked for the real estate investment company to raise funds for a 160-acre land development in Alberta.
Between 2013 and 2016, he brokered transactions for several investors who wanted to make additional investments in the company. Investors had the understanding these funds would be forwarded to the company for investment, but Rochefort used some of the funds for personal expenses and cash withdrawals.
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