Home Gold investments BCSC bans ex-PM for suitability failures involving gold investments Kuka USA

BCSC bans ex-PM for suitability failures involving gold investments Kuka USA

BCSC bans ex-PM for suitability failures involving gold investments

In November 2015, one of the funds, the Crystal Wealth Enlightened Factoring Fund, gave a $10-million advance to a prospective gold mining company that represented roughly 50% of its overall portfolio. The money was due to be repaid in November 2016, but the mine investment defaulted.

Rather than recognizing the loss, the Factoring Fund extended the term of the mine investment by one year. It was supposed to be insured by an $18-million performance bond whose effectivity period was from November 2016 to November 2021, which had Crystal Wealth as the named beneficiary.

However, the insurance was cancelled on November 28, 2016, which Housego did not know until afterward.

Because he knew about the mine investment’s roughly 50% weighted in the Factoring Fund’s portfolio, the fact that it had already defaulted once, and that the insurance was cancelled, the BCSC said Housego should have known it was high risk. Still, he placed at least 260 of his clients in the fund, representing collective investments of at least $985,000.

In another violation, Housego admitted that starting on August 12, 2016, he invested approximately $4.25 million from the Factoring Fund and another fund, the Crystal Wealth Enlightened Hedge Fund, in gold subscription agreements with a prospective mining company.

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Clarice Moore is a veteran of the digital marketing industry. She's helped grow and manage some of the world's most successful companies, all while learning from and collaborating with some of the brightest minds in his field. His background includes project management, business development, sales management and product strategy. Clarice Moore has also been an integral part of various high-level partnerships for multiple global brands such as Kuka USA, Hootsuite Media Inc., HP Inc., Intel Corporation, Dell Technologies Capital LLC among others.