- Cherie Evangeline White and her company, KingdomInvestments2015 Inc., have not been proven.
- The lawsuit will be heard by the British Columbia Securities Commission next month.
- “According to the commission, White and her company utilized around $176,000 from nine investors in 2017 and 2018 to reimburse other investors and repay a personal loan.
The British Columbia Securities Commission (BCSC) has charged a Vancouver woman and the real estate business she owned with fraud, improper securities distribution, and obstruction of justice.
Cherie Evangeline White and her company, KingdomInvestments2015 Inc., have not been proven. The lawsuit will be heard by the British Columbia Securities Commission next month.
White was the sole director and officer of the company, which was earlier known as KingdomRealty Inc. and Kingdom Investments Inc., according to the BCSC.
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The BCSC described the organisation as “a real estate investment enterprise that generated significant returns for investors through ‘repair and flipping’ and ‘purchasing and holding’ of properties.”
According to the commission, White and her company utilised around $176,000 from nine investors in 2017 and 2018 to reimburse other investors and repay a personal loan. Despite purportedly informing the investors that their money would be utilised to invest in real estate, this is what happened.
The BCSC further claims that White and her company raised an additional $100,000 in August 2018 from two investors without informing them that the company was in arrears on payments to other investors.
According to the BCSC, these two actions constituted fraud.
The alleged illicit distribution stems from around $1.25 million raised by White and her company from 24 investors between 2016 and 2019. According to the commission, those investors were issued securities without a prospectus, and White and Kingdom did not get a prospectus exemption.
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The obstruction of justice charge originates from White’s failure to deliver records to BCSC employees during a compelled interview in December 2020, according to the commission, who claims White told investigators that doing so would be “a waste of (her) time.”
White has been summoned to the BCSC’s offices on July 14 if she wishes to be heard before the commission schedules a hearing.
