A B.C. securities panel found that three Lower Mainland men, including a pastor and his son, committed fraud in a real-estate investment scheme.   

On October 24, a British Columbia Securities Commission (BCSC) panel announced its findings. A BCSC fraud hearing into the allegations had been previously held on June 27, 2017. 

The panel found that Alan and Jerry Braun of Surrey and Steven Maxwell (who also uses the name Steven Fassman) of White Rock committed fraud when they received $450,000 from two investors from Ontario in three separate transactions that were purportedly for three properties in Edmonton.

Alan Braun had been a senior pastor at Royal Heights Baptist Church in Delta.

Regarding the three companies they directed, the panel also found that Braun Developments and 8022275 Canada Inc. committed fraud with three investments worth $450,000, and TerraCorp Investment committed fraud with two investments worth $300,000.  

Alan and Jerry Braun are both directors and officers of Braun Developments and TerraCorp Investment while Maxwell was a director of 8022275 Canada Inc.

The panel found that the three men and their companies deceived the investors by convincing them that they were purchasing real-estate investments in Edmonton that would give them 50 percent returns within 60 days.

However, rather than investing in real estate, the three men instead used the investors' money for other purposes, such as payments for their own personal living expenses.

The Brauns and Maxwell must make submissions on sanctions by November deadlines.