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British Columbia Securities Commission Accuses Forex Firm of C$2.6M Fraud Over Misuse of Investor Funds

GateNews
Forex
According to the British Columbia Securities Commission, on July 15, the regulator accused For the People FX Inc. and its sole owner Robert George Henry Tyrer of defrauding approximately C$2.6 million from 85 investors between January 2022 and May 2024. The BCSC alleges that of the C$2.6 million raised, approximately C$1.9 million was diverted to non-trading purposes, including personal expenditures such as a US$69,245 Rolex watch, C$31,750 in rent, C$9,345 for personal training and yoga, C$3,000 for a tattoo, travel, and restaurant meals. The regulator also alleges that For the People FX illegally distributed securities to 48 investors without filing a prospectus or qualifying for an exemption. Tyrer has been ordered to appear before the BCSC on August 18 to contest the allegations.
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