Frank Biller, a key figure in B.C.’s Eron Mortgage scandal, is once again facing fraud charges. This time, in the U.S.
A central figure in one of the biggest frauds in Canadian history has been cited by U.S. securities regulators for allegedly marketing worthless penny stocks through a “boiler room” from Medellin, Colombia.
On Tuesday, the U.S. Securities and Exchange Commission (SEC) accused Frank Biller of civil securities fraud charges.
The SEC alleges Biller operated a call centre out of Medellin that bilked investors in Canada and the United States of more than $58 million in a scheme involving at least 18 companies, including one formerly based in the Fraser Valley.
Canadians Raymond Dove and Troy Gran-Brooks have also been charged in the alleged scheme, also known as a “boiler room” operation whereby phone calls are made using high-pressure sales tactics and misleading information to convince prospective investors to buy stocks in near-worthless companies.
“These scam artists went to great lengths — using bogus companies, aliases, and spoofing their phone numbers — to defraud and mislead investors into a pump-and-dump scheme,” said Paul Levenson, director of the SEC’s Boston regional office, in a statement.
Biller, now 52, is presumed innocent until a judge rules on his charges.
Biller was convicted of criminal fraud and theft for his participation in the high-profile B.C.-based Eron Mortgage Corp. Ponzi scheme through the late…
