The regulator discovered that White and her firm informed buyers that their investments would assist home individuals who confronted obstacles to housing due to the acquisition, enchancment, and sale of properties at a revenue.
A few of those that invested had been attracted by White’s use of “shared non secular values and by rigorously constructing belief by way of representations about her household’s alignment with the Salvation Military Church and customary goals and aspirations,” the BCSC mentioned.
Traders’ funds had been used to repay earlier buyers whereas some was additionally used to repay a private mortgage from White’s stepfather. Kingdom illegally distributed greater than $1.18 million value of securities to 24 buyers with out a prospectus.
“The injury executed to the buyers on this case can’t be overstated,” the BCSC panel mentioned. “Traders shared their anger, regret for belief misplaced and shed tears whereas talking of emotions of violation, disappointment, self-doubt, disgrace, remorse, guilt and failure.”
The regulator’s panel mentioned that White made herself troublesome to find and talk with and promised returns to buyers, generally for years, with out them materializing. She additionally used “aggressive ways on buyers by making a false sense of urgency.” This included accompanying one investor to their monetary establishment to get a fee regardless of employees on the FI trying to warn the investor.