VANCOUVER — A Washington state agency has filed administrative charges against a Vancouver man accused of violating the state Securities Act by using funds from a pooled investment vehicle to make Ponzi payments to investors, among other violations.
The Washington Department of Financial Institutions Securities Division entered the statement of charges in mid-December against Charles Richard Burgess, The Columbian reported.
The securities administrator intends to order Burgess to cease and desist and pay a $100,000 fine, as well as costs from the investigation totaling no less than $25,000, according to the statement of charges.
Burgess’ attorney — Todd Maybrown of the Seattle firm Allen, Hansen, Maybrown & Offenbecher — declined to comment on the pending litigation.
According to the statement of charges, between October 2013 and April 2021, Burgess offered and sold about $6.3 million of investments in the pool to 40 investors.
However, the Securities Division received records from Burgess and investors indicating he had sold participation in the pool since about 1994, but because of bank records-retention policies, the Securities Division could collect records only as far back as late 2013.
The Securities Division could not comment on whether there is a criminal investigation. A spokesman with the FBI’s Seattle office said the agency does not typically confirm or deny investigations. Nothing has been referred to the county prosecutor’s office.
As of March 2021, the…
