B. C. investment firm 'For the People' scammed people for rent, yoga, tattoos and a Rolex: BCSC
A man operating a B. C. -based investment company called For the People allegedly raised nearly $2. 6 million from 85 people only to spend more than $175,000 of those funds on himself, according to allegations from the B. C. Securities Commission.
Accused of running a PonziPhoto: pixabayStock photo of a Rolex watch. A man operating a B. C. -based investment company called For the People allegedly raised nearly $2. 6 million from 85 people only to spend more than $175,000 of those funds on himself, according to allegations from the B. C. Securities Commission. For the People FX Inc. and its sole owner Robert George Henry Tyrer are accused of operating a Ponzi scheme for Tyrer’s benefit and now face a hearing at the commission’s tribunal, according to a July 16 hearing notice. The commission alleges the fraud took place between January 2022 and May 2024. Tyrer told investors their funds would be used for foreign exchange trading, when, according to the commission, almost three-quarters of the money was diverted to non-trading purposes. While Tyrer did engage in some foreign exchange trading he “grossly overstated” the activity, including making guarantees and asserting up to 100 per cent return on investment, the commission said. The commission alleges that $1. 9 million was fraudulently used by Tyrer to either repay existing investors on the false premise that they were returns from trading profit or to use for personal expenses. The commission stated Tyrer spent more than $175,000 toward his personal credit cards, charges related to travel, restaurants and retail, “among other things. ”Some of those "things" included a US$69,245 Rolex watch, $31,750 toward rent on Tyrer’s homes, $9,345 for personal training and yoga, and $3,000 on a tattoo. The notice claims Tyrer and the company failed to file a prospectus—a document outlining the investment—with the commission, and no prospectus exemptions were available for 48 investors whose investments in For the People totalled approximately $1. 6 million. Also, between “mid to late 2023 and March 2025, the respondents communicated false, inaccurate, or misleading information to investors about the security or availability of their investment funds,” the commission stated. The commission’s notice does not mention the fact Tyrer and the company were subject to a temporary order dated May 12, 2023 that prohibited all people cease trading in securities of For the People. Tyrer and the company were also prohibited from engaging in promotional activities on behalf of the company. “The subjects are prohibited from disseminating to the public, or authorizing the dissemination to the public, of any information or record relating to any securities or investment advisory services offered by FTPFX,” stated the temporary order, which was to be in place until May 23, 2023. The stated reason was that commission staff “provided evidence that the subjects may be continuing to violate the registration and prospectus requirements of the [B. C. Securities Act], and making representations prohibited by the Act, despite receiving a caution letter from staff regarding this conduct in 2022. ”It is unclear why the order was not maintained and whether the commission considers the order to have been broken during that time. Business in Vancouverhas reached out to the commission for a response and will include any response it receives. It is unclear where Tyrer currently resides although the notice states “during part of the relevant period, Tyrer resided in British Columbia and maintained For the People’s office there. ”Tyrer is scheduled to respond to the allegations by Aug. 12.