Securities commission concludes settlement with couple
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Hey there, time traveller!
This article was published 23/02/2021 (2045 days ago), so information in it may no longer be current.
The Manitoba Securities Commission has concluded a settlement agreement with the husband and wife team of Cornelius (Neil) Friesen and Agatha Friesen that requires them to cease trading in securities and permanently prohibits them from ever becoming an officer or director of a company registered by the securities commission.
The settlement came after the MSC issued a so-called notice of allegations against the two last June regarding about $300,000 raised between 2009 and 2010 on behalf of a numbered company, 5205557 Manitoba Inc., that was not authorized to raise money. Neither of the Friesens were registered in any capacity under the Securities Act of Manitoba.
In 2015, Neil Friesen was charged and convicted of tax evasion along with Jeff Dyck in regards to a scheme around an entity called One World United Inc.
He was sentenced to four years in prison and ordered to pay a $1.4 million fine.
Some of the $300,000 — which was “invested” with the numbered company with the promise of between 30 and 36 per cent annual return — had been paid back.
The funds raised by the unregistered numbered company funnelled money to One World United Inc. and One World United Loyalty Inc., which were dissolved in 2011 and 2012 respectively.
Neil Friesen filed for bankruptcy in 2017. But in the MSC settlement documents it notes that the Court of Queen Bench issued an order in December 2020 suspending Neil Friesen’s discharge as a bankrupt ordering him to pay any surplus income for 36 months. As well, that order noted Friesen still owed $200,000 in income tax.