A North Vancouver man has agreed to pay $307,176 to the BC Securities Commission after admitting he defrauded investors, spending most of the money on gambling, personal expenses and payments to friends and associates.
According to the news release, David Lawrence Pazurik has agreed to pay $107,176 in disgorgement, the net amount he obtained from his misconduct, plus another $200,000 to settle the matter.
Pazurik raised $200,460 from 14 investors between January 2021 and May 2022 through profit-sharing agreements, according to the news release. He spent $146,456 of those funds on items and expenses unrelated to the investments and paid only $39,280 back to investors, failing to pay the full returns he had promised.
Through online classified ads, Pazurik offered shares in an unnamed advertising and promotional business, telling investors his sole proprietorship, Pazman Promotions, produced customized merchandise for other businesses. He said he would use investors’ funds to fulfil sales contracts and promised reimbursement plus a specific amount of profit within a short period of time. He also presented the same or a similar proposal to one or more individuals as a profit-sharing agreement.
According to the news release, Pazurik has no prior securities disciplinary history. Under the settlement agreement, he is permanently banned from a range of activities in B.C.’s investment market, including acting as a director or officer of any issuer or registrant, acting as a registrant or promoter, and advising or acting in a management or consultative role in the investment market. He is also barred from engaging in promotional activities and from purchasing securities or derivatives, except under very limited circumstances and only through a registrant.
