BCSC bans CEO of Next Level Investments from investment market
The British Columbia Securities Commission (BCSC) has permanently banned a convicted fraudster from participating in B.C.’s investment market.
Christopher Uitvlugt pleaded guilty in Ontario in 2018 to one count of fraud, one count of possession of property obtained by crime, and one count of conspiracy to commit fraud in relation to his role as CEO of Next Level Investments.
An Ontario incorporated company, Next Level offered investors the opportunity to make a 550 percent rate of return on three-month term investments. These profits were supposed to be gained through Uitvlugt’s Forex trading.
Instead, it was a Ponzi scheme. Of the $4.8 million invested by 874 people, only about $24,000 was used for Forex trades. The remainder was used to pay out investors and for personal expenses such as Lamborghini and Audi vehicles.
Most of the investors received nothing back on their investments. Police were able to restrain or recover about $2.2 million. Uitvlugt was sentenced to five years in jail, and was subject to a forfeiture order.
Although the BCSC provided Uitvlugt the opportunity to be heard, he did not participate in the hearing.
The BCSC imposed sanctions on Uitvlugt under its authority to reciprocate orders by other securities regulators, self-regulatory organizations, exchanges or courts. The BCSC order bars him from:
- Trading in or purchasing any securities, derivatives, or registered accounts;
- Becoming or acting as a director or officer of any issuer or registrant;
- Becoming or acting as a registrant or promoter;
- Advising or acting in a management or consultative capacity in the securities or derivatives markets;
- Engaging in promotional activities by or on behalf of an issuer, security holder, party to a derivative, or a person that is reasonably expected to benefit from the promotion;
- Engaging in promotional activities on his own behalf that would reasonably be expected to benefit him, and
- Relying on any exemptions of the Securities Act, the regulations or a decision.