A man has been fined more than $2 million for defrauding investors in Europe.
Michael Robert Shantz pretended to gold futures and foreign exchange investors from Germany and Switzerland that his company, Canadian Pacific Consulting (CPC), had an office in Vancouver and Richmond with 120 employees. However, A B.C. Securities Commission panel told this week how neither office existed and it had found Shanntz guilty of fraud.
Between June 2009 and September 2010, a commission panel said 11 German and Swiss investors deposited $1.5 million with CPC for investment in gold futures and foreign exchange. CPC told them the investments were low risk.
The panel found CPC lied to investors about the nature of its business and its plans to invest their money. None of the investors' funds were invested as promised.
Most of the funds - $1.2 million - were wired by Shantz to bank accounts in Spain for unknown purposes. Shantz also used $210,000 for personal use.
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